The European Investment Bank has committed a loan of 50 million Euro to the International Bank of Azerbaijan (IBA). According to the report of the largest financial-credit organization in Azerbaijan, the relevant agreement was signed yesterday.
Under the agreement, the funds raised will be used to support small and medium businesses. "In particular, these opportunities will be a benefit for companies operating in the service sector and the non-oil sector, which will support the diversification of the economy and strengthen the position of IBA in the industry," the statement said.
European Investment Bank operates in the European Union and focuses primarily on long-term loans.
IBA has been operating since 1992. More than half (51.07%) of its shares is owned by the government represented by the Ministry of Finance, and the rest (48.93%) - by a variety of businesses and individuals. --17D-
Economics
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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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Azerbaijan Railways CJSC (AZD) transported 713,699 passengers in January 2025, marking a 15% increase compared to the same period last year, the company said on Tuesday.
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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