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NEQSOL Holding to invest up to 200 million manats in business projects in Garabagh region

06 February 2024 14:24 (UTC +04:00)

NEQSOL Holding has announced its plans to invest in several business projects in Azerbaijan’s Garabagh region.

“NEQSOL Holding plans to invest up to 200 million manats in projects in the Garabagh region. The investments will also contribute to the overall efforts on reconstruction and development of the region, including developing green energy sources, reviving economic and social life, as well as, creating jobs and learning opportunities for the local population. The proposed investment plan has already been approved by the shareholder of the Holding”, the CEO of the Holding, Yusif Jabbarov, said.

“We appreciate the positive economic dynamics in Azerbaijan, the favorable business environment and investment opportunities for the private sector. We especially express our deepest appreciation for the invitation to the private sector made by the head of state to invest in Garabagh region. Significant efforts are being undertaken to restore the infrastructure of the region. As a representative of the private sector, we support economic development in the countries where we operate and consider this our moral duty. We call on other businesses and parties to join efforts around this goal”, Mr. Jabbarov added.

The investment plans of NEQSOL Holding and its subsidiary companies include building an information technologies (IT) school, construction of a solar power plant in Jabrayil, reconstruction and development of the telecommunications infrastructure and other environmentally friendly projects ensuring careful attitude to the fascinating nature of the region. These projects will also support the sustainable development goals in line with the announced “Green World Solidarity Year” in Azerbaijan.

Nobel Energy, part of NEQSOL Holding, is planning to construct a solar power plant in Jabrayil. The project will also contribute to transforming the region into a green energy zone. Following the implementation of the project with total production capacity of 100 megawatts, 180 million kilowatt-hours of electricity is to be generated a year and on the average 58,000 homes are to be supplied with electricity. A total 600 of people will be involved in the construction of the plant and 80 permanent jobs will be created once it is commissioned.

NEQSOL Holding’s subsidiaries Bakcell and Azerconnect are also implementing various projects in the region. Bakcell has commissioned more than 120 base stations, 3 service centers and a shop, as well as presented modern voice technology VoLTE to its customers in the region. Bakcell is planning to bring the number of its service centers in the region to 10. Azerconnect will increase investments in the construction and development of the telecom infrastructure in the region. As a result, up to 100 additional permanent jobs will be created.

NEQSOL Holding also implements corporate social responsibility projects to eliminate and mitigate the consequences of the past humanitarian problems. The Holding and its companies have spent 10 million manats in recent years on education, health, social wellbeing, environmental and other social projects and donations in this direction and will continue such activities.

NEQSOL Holding is planning to establish an IT school and an innovations center in the region to provide additional support for the young people, create jobs in innovative sectors and implement new startups. Young people will be able to study at the IT school and implement their startups in the innovations center, which is important in terms of creating news investment opportunities and jobs.

The projects will be launched after relevant regulatory approvals.

NEQSOL Holding is an international group of companies operating in 11 countries across the telecommunications, energy, hi-tech, and construction industries.