Azerbaijani banking sector stabilized after creditors restructured $3.3 billion in foreign obligations of the state-owned International Bank of Azerbaijan (IBA) in return for government bonds, said Nariman Mannapbekov, head of ADB Azerbaijan office.
“Some capitalized banks are making initial efforts to gradually build-up their loan portfolios,” Mannapbekov said.
On July 15, 2015, President of Azerbaijan Ilham Aliyev signed a decree on rehabilitation measures related to preparations for privatizing the state-owned shares of the International Bank of Azerbaijan OJSC.
Mannapbekov said the ADB was still in the process of considering providing financial assistance to improve the railway sector in Azerbaijan, and added that such help might amount to $400 million.
“However, no decision has yet been made and we have not reached the loan negotiations stage,” he added. (Trend/Business World Magazine)