Bank IBA-Moscow LLC attracted a club loan for a total amount of 55 million U.S. dollars.
As reported in the bank, the loan was granted under the guarantee of the sole member of the Bank - the International Bank of Azerbaijan OJSC (Baku, Azerbaijan). The main organizer of the club and the agent of the Russian bank loan was the Bank NOVIKOMBANK. Financing transaction was also provided by OJSC URALSIB (Russia), JSC Belgazprombank (Republic of Belarus), Swiss Forfait SRO (Czech Republic), RUSSLAVBANK JSC (Russia), and Baltikums Bank AS (Latvia).
This transaction is the next step for the Bank IBA-Moscow in the field of international bank business in accordance with the strategic development plan of the credit institution for the period 2011 - 2015 years.
The bank IBA-Moscow also intends to continue active implementation of the strategy, which provides for increase in size and number to attract four club loans in a calendar year. -15D -
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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