Date:23/01/12
The results of the project development of financial services, implemented by Azerbaijani postal operator LLC Azerpoct, the country's Central bank and the World Bank have not given the expected results yet, Minister of Communications and Information Technologies Ali Abbasov told journalists on Saturday.
"Nevertheless, Azerpoct's income has increased by 23 percent last year, there are some problems to support the profitability of Azerpoct's activity," Abbasov noted. "In addition, the operator still gets subsidies from the state."
According to Abbasov, the Ministry of Communications and IT is negotiating with the Central bank and the Finance Ministry about further prospects Azerpoct's activity.
"We will involve a consulting company to solve this issue if necessary," Abbasov noted.
The total cost of the project "Development of financial services", the main component of which was upgrading the country's postal network, makes up $17.5 million, of which $12.25 million accounts for the World Bank loan, and the rest for the Azerbaijani government.
The Swiss government has also rendered technical assistance for $612,000 to implement the project.
The project, which started in 2005, provided for reduction of Azerpoct in compliance with the requirements for managing risks emerging in the provision of financial services. The national postal operator licensing is to be expected.
Consultant to be involved to make postal services in Azerbaijan more profitable
The results of the project development of financial services, implemented by Azerbaijani postal operator LLC Azerpoct, the country's Central bank and the World Bank have not given the expected results yet, Minister of Communications and Information Technologies Ali Abbasov told journalists on Saturday."Nevertheless, Azerpoct's income has increased by 23 percent last year, there are some problems to support the profitability of Azerpoct's activity," Abbasov noted. "In addition, the operator still gets subsidies from the state."
According to Abbasov, the Ministry of Communications and IT is negotiating with the Central bank and the Finance Ministry about further prospects Azerpoct's activity.
"We will involve a consulting company to solve this issue if necessary," Abbasov noted.
The total cost of the project "Development of financial services", the main component of which was upgrading the country's postal network, makes up $17.5 million, of which $12.25 million accounts for the World Bank loan, and the rest for the Azerbaijani government.
The Swiss government has also rendered technical assistance for $612,000 to implement the project.
The project, which started in 2005, provided for reduction of Azerpoct in compliance with the requirements for managing risks emerging in the provision of financial services. The national postal operator licensing is to be expected.
Views: 1085
©ictnews.az. All rights reserved.
Similar news
- Azerbaijan will not join EUROGİRO money-transfer system
- Azerbaijani postal operator introduces postal fee prepayment service by customers
- Private postal companies render their services in regions
- “Postage stamp dedicated to winners of “Eurovision 2011” contest
- Good postal news for users of “Azercell”
- New technology based post agencies created
- “Azerpocht” LLC to share its experience with other countries
- “Azerpocht” LLC to connect to two money transfer systems
- Azerpocht again surprises GSM’s subscribers
- New post office to open in Tartar
- Representatives of "EMS-Falcon" LLC have come to Baku
- “Azerpocht” LLC gains foothold in plastic card market
- Roughly 95.8 million manat invested in ICT sector and postal services of Azerbaijan
- New Universal Postal Service tariffs increased “Azerpocht” LLC’s profit
- Azerpost plans to join MasterCard
