OJSC VTB Bank (Azerbaijan) has received a subordinated loan from the head of Vneshtorgbank (Russia). The amount of the investment is 300 million rubles (the equivalent of 6.2 million manats), the information from VTB Bank (Azerbaijan) says. The funds are provided for the period of 7 years for the growth of the total capital of the local financial agency.
"The funds raised are an indication that VTB Bank (Azerbaijan) can always get support from the parent company. The increase in total capital will maintain the pace of business development and expand opportunities for lending," the press release cites the Chairman of the Board of VTB Bank (Azerbaijan), Yuri Yakovlev.
The acquisition of 51% of the local AF Bank by Vneshtorgbank was approved by the Central Bank of Azerbaijan in November 2008. The remaining 48.99% is owned by Ata Holding, while 0.01% belongs to an individual. --17D-
Economics
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The new law on "Political Parties," adopted two years ago, came into effect early last year and has been criticized by the Venice Commission, is already making its impact felt. On December 4, the activities of two political parties—the Freedom Party and the Party of Free Democrats—were halted through court orders. The Ministry of Justice cited discrepancies in the documentation of these parties as the reason for its appeal to the court.
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In the first ten months of 2024, Baku's trade turnover registered a 4.4% increase compared to the same period last year, reaching a substantial 28.2 billion manat, according to the Baku City Statistics Department.
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In a significant move to bolster its financial capabilities, Azerbaijan's state-owned energy company SOCAR has signed an agreement with Italy's Intesa Sanpaolo bank. The pact, which underscores growing cooperation between the two entities, marks a step forward in securing financial resources for SOCAR's ambitious projects, including its ventures in green energy.
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In the first 11 months of 2024, Azerbaijan experienced a robust recovery in its tourism sector, with 2.41 million foreign and stateless individuals visiting the country, marking a 27.4% increase compared to the same period last year, according to the State Border Service. This growth reflects Azerbaijan’s increasing appeal as a travel destination, bolstered by diversification in source markets and improved transport infrastructure.
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