The European Bank for Reconstruction and Development (EBRD) plans to expand its investment portfolio in Azerbaijan, and become stronger here in the long term.
According to Turan's local representative, today a president of the international financial architecture, Suma Chakrabarti, arrived with a two-day official visit to Baku. According to the schedule, he will meet with the heads of several government agencies of Azerbaijan, including the State Securities Committee, as well as the private sector. At the end of the visit there will be extended press conference.
The head of the local office, Nile McCain, commenting on innovations in the policy framework, said that EBRD supported the intended targets for the development of the economy and the capital markets in Azerbaijan. According to him, the country has achieved significant changes in the financial sector, high competition environment has been created in the markets, transparency and corporate governance experience has been formed, and processes in the capital market comply with the development strategy of the bank.
The EBRD is one of the portfolio investors in Azerbaijan. It has in its assests the shares of several banks, industrial companies, etc. Several years ago, the bank applied for a 20% share in the International Bank of Azerbaijan. At present, the IBA is undergoing the reduction in the share of the state. Perhaps, the interest of the EBRD to the Bank's capital markets is due to this factor. - 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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