JSC Turan Bank attracted a loan of $2 million from ECO Trade and Development Bank for the financing of international trade transactions.
According to the information, "the funds raised under the credit agreement will help the bank to expand financing of import-export operations of the member countries and other countries, as well as to support international trade transactions of the clients."
This is not the first call of Turan Bank to ECO. Last year, the borrowing was $ 3,000,000 for a period of 4 years to expand the portfolio to finance small and medium-sized businesses.
Trade and Development Bank was founded by Iran, Pakistan and Turkey in 2005. The authorized capital is 300 million Special Drawing Rights (course today - 0.78 euro to 1 SDR).
JSC Turan Bank started operations in June 1992. Its shareholders are six entities (the share of 29.11%) and 22 individuals (70.89%). --17D-
Economics
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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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