Azerbaijani huge bank finishes repayment of foreign debts
Azerbaijan, Baku, Dec. 12 / Trend , I.Khalilova/ "The International Bank of Azerbaijan (IBA) paid off $660mln from general amount of foreign debts within 2008," Jahangir Hajiyev, the chairman of the Board of the IBA, said.
"We will pay off $100mln more and practically finish paying off means on syndicated loans and interbank debts in Dec," Hajiyev said.
It is planned to repay more than $100mln on syndicated loan in Jul., he said The bank has debts only on subordinated loan, which has been issued with eight-year term. Means of this debt has been included in capital of the IBA.
"At present international capital markets are experiencing a liquidity problem because of the world crisis. Therefore, there are some difficulties while involving foreign debts, including at banking sector of Azerbaijan, as well, Hajiyev said. There is not a problem with us, but liquidity of the world banking system."
About 50% of total foreign debts of Azerbaijani banks in the amount of $2bln falls on the IBA.
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