Emil Mustafayev has been appointed the Acting Chairman of the International Bank of Azerbaijan. Since 2012 he was the first deputy head of the International Bank. This is the decision of the general meeting of shareholders of IBA on April 2, according to the press release from the bank.
The office of the head of the largest bank of Azerbaijan has been vacant since March 18, after the resignation of Jahangir Hajiyev for health reasons.
Yesterday unofficial information came that Farid Akhundov, who heads Pasha Bank, has been appointed to this office. However, official confirmation of this information has not yet been received.
The International Bank of Azerbaijan was established in January 1992.
The main shareholder is the Azerbaijani government (50.2%), while 49.8% is owned by individuals and legal entities. -06D-
Economics
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Azerbaijan Caspian Shipping Company (ASCO) has resumed regular cargo and passenger transportation after severe weather conditions disrupted operations in the Caspian Sea, the company said on Monday.
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Azerbaijan can overcome the so-called "middle-income trap" by increasing investments, improving the investment environment, and enhancing knowledge and skills, Deputy Minister of Economy Samad Bashirli said in Baku at the presentation of the World Bank’s Global Report World Development Report – 2024 (WDR).
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Countries in Europe and Central Asia must not only attract investment but also actively adapt and disseminate technology to ensure sustainable economic growth, according to Ivailo Izvorski, Chief Economist for the region at the World Bank. Speaking at the presentation of the World Development Report 2024, Izvorski highlighted structural issues that are slowing down private sector development.
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Azerbaijan is now among 54 middle-income countries, said Shahmar Movsumov, Head of the Department for Economic Affairs and Innovative Development Policy at the Presidential Administration, during the presentation of the World Bank’s World Development Report 2024 in Baku.
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