The financial statements of the "sick" International Bank of Azerbaijan (IBA) for the first half year have been promulgated. According to the documents certified by the auditors, its current debt only to foreign financial institutions is 104 million 830 thousand manats (+ 49.8% YTD).
Total debt as subordinated loans by July 1 was 720 million 108 thousand manats (+ 298.6 million to the beginning of the year).
In addition, the credit indebtedness of IBA to the Central Bank of AR (CBA) by the end of the reporting period stood at 600 million manats (+ 71.4% YTD).
IBA's operations started in 1992. Its main shareholder (51.07% of the securities) is the Government through the Ministry of Finance, and the remaining 48.93% of the share capital is owned by private shareholders. --17D-
Economics
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Azerbaijan’s economic growth is expected to continue in the coming years, although forecasts from ING Group and the United Nations (UN) present slightly differing views on the pace of recovery. ING Group, the largest banking institution in the Netherlands, predicts modest growth in Azerbaijan’s gross domestic product (GDP), while the UN offers a more optimistic outlook.
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The average age of taxi cars in Azerbaijan has dropped from 15 to 7 years, according to a statement from the Azerbaijan Ground Transport Agency (AYNA), which attributes this change to the implementation of reforms.
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Kazakhstan has bolstered its position in international grain markets by resuming exports to Iran and Azerbaijan, according to the country’s Ministry of Agriculture.
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In recent years, Azerbaijan has quietly fostered a vibrant startup ecosystem that is beginning to make waves on the international stage. From digital education platforms to innovations in agrotechnology, these startups reflect the country's growing embrace of technology and entrepreneurship. A combination of government support, international collaboration, and bold entrepreneurial vision has propelled several Azerbaijani ventures into the global spotlight.
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