During this year, the European Bank for Reconstruction and Development (EBRD) will release in Azerbaijan manat nominal bonds to be placed with local and foreign investors, said at a press conference on May 8 said the EBRD President Suma Chakrabarti, who is in Baku within the framework of a tour to the South Caucasus countries. According to him, the issue was one of a wide range of issues discussed with the chairman of the Central Bank of Azerbaijan.
Parameters of the bond placement, including its rate, have not been yet defined. The subject of discussion in the CBA was also the participation of the EBRD in the banking capital in the course of a possible consolidation of local banks, support of small and medium-sized businesses, as well as municipalities, the funding of the agricultural sector under the special mechanism, etc.
The EBRD President during the meeting with Azerbaijani President Ilham Aliyev described the conditions to attract foreign direct investment in the non-oil sector of the country. This provides: transparency of economics and management, the fight against corruption and the use of modern corporate governance standards in the non-oil companies.
The EBRD is also considering participation of the projects "Shahdeniz-2" and "Southern Gas Corridor" in syndicated lending. Decisions on these matters could be taken this summer, in turn, said the head of EBRD Baku office Neil McCain.
Responding the question from Turan on the participation of the Bank in the capital of Azerbaijani companies, he noted that today the EBRD has been represented in the capital of three private banks and three non-financial companies. Proposals on four non-considered financial companies should be considered. The EBRD President Suma Chakrabarti said that the bank's participation in the capital of companies stimulates their growth, and increases the level of corporate governance. During his visit to Baku Suma Chakrabarti will also meet with representatives of business and civil society.
During the 23 years of cooperation with Azerbaijan, the EBRD has invested in Azerbaijani economy two billion 330 million euros in loans and investments for 156 projects. --08B—
Economics
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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.
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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.
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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.
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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.
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