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 gross domestic product (GDP) reached 126.3 billion manats in 2024, marking an increase of 3 billion manats, or 2.4%, compared to the previous year, according to data released by the State Statistics Committee. In 2023, nominal GDP stood at 123 billion manats.
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The latest data from the State Statistics Committee reveals that as of December 1, 2024, the total number of salaried workers in Azerbaijan stood at 1.775 million, with 884,400 employed in the public sector and 890,900 in the private sector. This figure falls significantly short of the government's ambitious targets set seven years ago, raising concerns about employment opportunities, particularly for the country's burgeoning youth population.
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Azerbaijan's legal and physical entities engaged in trade operations with partners from 176 countries between January and November 2024, exporting goods to 120 nations and importing from 167, according to the State Customs Committee.
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Azerbaijan's retail trade turnover climbed 3.9% in real terms in 2024 compared to the previous year, reaching a total of 62.2 billion manats, the State Statistics Committee revealed. Food, beverages, and tobacco accounted for 34.1 billion manats, while non-food products contributed 28.1 billion manats to the total.
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