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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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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According to operational data from the Ministry of Energy of Azerbaijan, in January 2025, the country produced 2.3 million tons of oil, including condensate, and 3.9 billion cubic meters of gas.
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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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