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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In November, the State Tax Service fined 608 entrepreneurs who received payments for goods and services from clients' bank cards directly to their personal bank cards. Similar reports of fines for card-to-card transactions were issued by the Tax Service in October. The agency clarified that these violations were identified during monitoring activities at retail and catering establishments in Baku.
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Azerbaijan has undertaken significant regulatory reforms to advance its digital and transport sectors, President Ilham Aliyev announced on Thursday, signing a decree amending the regulations governing the activities of the Ministry of Digital Development and Transport.
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The Ministry of Agriculture of Azerbaijan has announced the return of its renowned fair, "From Village to City," which will take place from December 21 to 30 in Baku. The event, held in the Narimanov district near the "Ganjlik" metro station, will provide farmers with a platform to sell their products directly to consumers, bypassing intermediaries.
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From December 1, 2024, the State Oil Company of the Azerbaijan Republic (SOCAR) has commenced gas deliveries to Slovakia under an agreement reached in November with SPP, Slovakia's state-owned energy firm, SOCAR announced in a press release.
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