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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Natural gas prices in Europe surged to their highest level since October 2023 on Friday, reflecting expectations of increased demand due to an impending cold spell in the region.
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U.S. President Donald Trump’s proposed energy and trade policies could lead to a prolonged decline in global oil and gas prices, potentially triggering economic instability in Azerbaijan from 2026 onward, unless significant structural reforms are implemented, economist Gubad Ibadoglu warned in a recent analysis.
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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