Non-bank Credit Organization CJSC «Aqrarkredit» intends to issue interest covered bonds totaling 3 billion manat. The State Securities Committee (SSC) registered the relevant prospectus. How can an organization with a registered capital of 29 million manat have so many opportunities? This is due to the fact that the record issue is part of measures to improve the financial condition and improve the management of OJSC "International Bank of Azerbaijan," the return of overdue loans issued by the bank, and on the situation with the management of problem assets.
On July 15, the President signed a decree on measures to improve the health, related to the preparation for privatization of IBA shares owned by the state. The document reads that the flaws committed in recent years in the management and investment and credit policy of the IBA, including the financing of the less efficient risk investment projects have led to the deterioration of the financial situation of the bank, increasing the share of troubled assets and contraction of liquidity.
To resolve the situation and restore the financial position of the bank , its bad assets have been transferred to JSC «Aqrarkredit».
The government JSC «Aqrarkredit» with registered capital of 29.52 million AZN has been operating since 2001. The International Bank of Azerbaijan operates since January 1992. The main shareholder of the bank is the Ministry of Finance of Azerbaijan Republic (51.07%), other shares are held by various individuals (39.63%) and legal (10.17%) persons. --17D-
Economics
-
Azerbaijani President Ilham Aliyev has signed amendments to two presidential decrees, refining the roles and appointments of the State Customs Committee's representatives abroad, including in international organizations.
-
Auditing organizations and independent auditors in Azerbaijan concluded 7,232 contracts valued at 133.2 million manats ($78.4 million) in 2023, reflecting increases of 20% in the number of contracts and 7.1% in their total value compared to the previous year, according to the Chamber of Auditors.
-
The third meeting of the auction commission was held to evaluate the proposals submitted by participants in the auction for the Gobustan Solar Power Plant project, supported by the European Bank for Reconstruction and Development (EBRD). The meeting focused primarily on determining qualification eligibility and selecting the auction winner, according to the State Agency for Renewable Energy Sources.
-
There is no sensationalism in the recent renaming of the Azerbaijani ship Karabakh to Mingachevir; the new name was given to the ship to ensure that two vessels would not operate under the same name, the Merchant Fleet of Azerbaijan Caspian Shipping Company (ASCO) CJSC told Turan.
Leave a review