The International Bank of Azerbaijan has raised a syndicated loan in the amount of over $ 200 million.
The organizers of the transaction are Citibank, Credit Suisse A.G. London Branch (Credit Suisse), Emirates NBD Capital Limited (ENBD) and J.P. Morgan.
The coordinator and agent of the transaction was Citibank Europe Plc, and the release agent was J.P. Morgan.
The agreement has been joined by 12 financial institutions. This loan is the first since April 2015.
The loan agreement is for a period of one year. The proceeds will be used for general corporate purposes, in particular for the financing of trade projects. ---71D
Economics
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S&P Global Ratings has revised its risk assessment of Azerbaijan’s banking sector, upgrading the outlook from "stable" to "positive."
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In recent days, there have been claims that bread prices in Azerbaijan have risen. Social media users report that the price of bread has increased by 5-10 qepiks. According to consumer complaints, it is difficult to find weight information on factory-produced bread, commonly known as "zavod çörəyi" in Azerbaijan. In many cases, bread packaging does not include weight details. Similarly, bread sold at smaller bakeries and tandir houses often lacks information apart from the price.
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A trilateral meeting of the foreign ministers, transport ministers, energy ministers, and heads of customs services of Russia, Iran, and Azerbaijan is set to take place soon to discuss the progress of the Rasht-Astara railway project, a key element of the International North-South Transport Corridor (INSTC). This was announced by Iran’s Ambassador to Russia, Kazem Jalali.
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Azerbaijan and Tatarstan continue to strengthen trade and economic cooperation, based on mutual interests in energy, mechanical engineering, petrochemicals, agriculture, and transport. Bilateral relations have shown steady growth, supported by regular visits of official delegations and participation in international economic forums.
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