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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On July 26, the Ministry of Economy hosted a meeting with entrepreneurs from the non-oil industry to explore ways to stimulate local production and enhance export potential.
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Azerbaijani internet service providers Aztelekom and Baktelekom will introduce substantial changes to their pricing structure starting August 15, the companies announced today. Under the new tariffs, the minimum internet speed will rise to 100 Mbit/s, with the cost per Mbit/s decreasing from 0.45 AZN to 0.25 AZN. As a result, monthly charges will be set at 25 AZN for 100 Mbit/s, 30 AZN for 150 Mbit/s, and 36 AZN for 250 Mbit/s.
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Independent experts suggest that Azerbaijan may be on the verge of another devaluation of its currency, the manat, due to a shrinking trade and payment surplus. The anticipated economic adjustments come amidst a decline in foreign currency inflows and reduced oil production.
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Azerbaijan’s Foreign Minister Jeyhun Bayramov met today with Ahmed Moallim Figi, the Minister of Foreign Affairs and International Cooperation of Somalia, at the Azerbaijani Foreign Ministry. This meeting followed a discussion held the previous day between Figi and Azerbaijan’s Economy Minister Mikail Jabbarov.
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