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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An investigation led by Ghalib Toghrul, Chairman of the Board of the Center for Economic Research, has highlighted budgetary expenditures in the Azerbaijani districts of Aghdam, Fuzuli, and Khojavend, focusing on civil service projects linked to the reconstruction of territories liberated from Armenian occupation.
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On February 4, Azerbaijani Economy Minister Mikayil Jabbarov met with a delegation of the International Monetary Fund (IMF) led by Anna Bordeaux, head of the IMF mission in Azerbaijan, to discuss economic cooperation, financial sector issues and structural reforms, the ministry said.
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Azerbaijan Railways CJSC (AZD) transported 713,699 passengers in January 2025, marking a 15% increase compared to the same period last year, the company said on Tuesday.
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Last week, Azerbaijani media reported an impending increase in retail bread prices, attributing the rise to an increase in product weight. The following day, an official notification confirmed that the government had no intentions of sanctioning a bread price hike in the country. However, the threat of a price increase for this staple food remains for another reason.
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