Bengali EBRD president arrives in Baku

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-