The International Bank of Azerbaijan (IBA) drew a second loan this week - this time from the Dutch bank ING Bank NV for $ 60 million.
According to the information of the financial agency, the line is allocated in the framework of the signed loan agreement in April. The funds are provided for a period of 1 year for corporate purposes.
Earlier, the country's largest bank attracted a syndicated loan worth $ 200 million. The deal was arranged by Citibank NV, Ingbank NV, Raiffeisen Bank International AG, and Uni Credit Bank Austria AG.
IBA was founded in 1992. The controlling stake (51.07%) belongs to the state represented by the Ministry of Finance, while 48.93% belong to private shareholders. The shareholders of the IBA are about 1.6 thousand businesses and individuals. --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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