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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The Union of Chambers of Commerce and Industry (UCCI) of the Organization of Turkic States (OTS) held its General Assembly in Baku on December 26, highlighting dynamic economic growth and deepening integration among member states. Representing Azerbaijan and other OTS member states, business and government leaders discussed trade, investments, and regional connectivity projects.
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Rice imports to Azerbaijan have soared to unprecedented levels during the January-November 2024 period, reflecting both rising domestic demand and increasing global food prices. Over this period, the country imported 60,400 tons of rice, marking an 18.6% increase in volume and a 35.3% rise in value compared to the same period in 2023.
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Over 17,750 life insurance contracts and 40,661 property insurance contracts were signed through Azerbaijan’s Mortgage and Credit Guarantee Fund (MCGF) between 2022 and 2024, reflecting the growing role of the Fund in strengthening the housing finance and insurance markets. These figures were revealed by Rasim Abdullayev, Director of the Mortgage Lending Department at MCGF, during the seminar "Tools for Supporting Housing Finance and Entrepreneurship."
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The value of paid services provided to the population in Baku reached 6.94 billion manats in the first eleven months of 2024, reflecting a real-term increase of 9.2% compared to the same period in 2023, according to data from the Baku City Statistical Department.
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