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
-
Turkey is in talks with the United States seeking an exemption from sanctions imposed on Russia’s Gazprombank, a key financial institution for energy transactions, to maintain gas payments to Russia, Energy Minister Alparslan Bayraktar said on Tuesday.
-
Kazakhstan is charting an ambitious course to transform its oil export infrastructure, aiming to increase annual shipments via the Baku-Tbilisi-Ceyhan (BTC) pipeline by more than thirteenfold—from the current 1.5 million tons to an estimated 20 million tons. The bold strategy, presented by Energy Minister Almasadam Satkaliyev during a parliamentary session, underscores Kazakhstan’s intent to become a major player in the energy supply chain stretching from Central Asia to Europe.
-
Two new vice presidents have been appointed at BP's Azerbaijan, Georgia, and Turkey (AGT) region division, according to a press release from BP-Azerbaijan.
-
Data on Azerbaijan's oil exports for January-October 2024 reveals a significant drop in both volume and value compared to the same period last year, highlighting the challenges facing the oil-dependent economy. The country exported 495,484.05 tons of oil products worth $309.02 million, a decrease of 40.3% in value and 40.7% in volume compared to 2023, when exports totaled 925,225.07 tons worth $572.21 million.
Leave a review