18 financial institutions in Europe assisted in the issuance of a syndicated loan worth $ 200 million to the International Bank of Azerbaijan (IBA).
According to the information of the largest financial agency of the country, the organizers of the transaction are Citibank NV, Ingbank NV, Raiffeisen Bank International AG, and Uni Credit Bank Austria AG.
"It was initially planned to get a loan equivalent to $ 125 million. Then this amount, due to the expansion of the list of creditors, rose to $ 200 million," the text stated.
The loan was taken for a period of 1 year for the implementation of corporate and commercial objectives of the bank.
IBA was founded in 1992. More than half (50.2%) of the share capital of the bank is owned by the state, while 49.8% is owned by private shareholders. The shareholders are about 1.6 thousand businesses and individuals. --17D-
Economics
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Azerbaijan's financial standing continues to strengthen as the country's foreign currency reserves have surged to $71 billion as of January 1, 2025, according to the Ministry of Finance. This figure, which includes reserves held by the State Oil Fund of Azerbaijan (SOFAZ) and the Central Bank of Azerbaijan (CBA), far exceeds the nation's external debt, which stands at a fraction of its reserves, specifically nearly 14 times less. This robust reserve position reflects Azerbaijan's fiscal stability and the government’s strategic economic management.
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The State Oil Company of Azerbaijan (SOCAR) has opened a representative office in Albania and is set to launch a specific project this year, the Albanian company "Albgaz" announced.
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"Azerbaijan is currently among 54 middle-income countries," said Shahmar Movsumov, head of the Economic Affairs and Innovative Development Policy Department of the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku on February 10.
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