EBRD wants to convert loans for Azerbaijan into national currency
Baku, Azerbaijan, Feb. 29
By Azad Hasanli - Trend:
The European Bank for Reconstruction and Development (EBRD) intends to convert the loans, allocated for project implementation in Azerbaijan, into manats, said Neil McKain, head of the EBRD Baku office, speaking to Trend Feb. 29.
"We want to convert the existing dollar loans into manats," he said. "We have not started the process yet. But EBRD's delegation will be arriving in Baku March 1 to discuss both the bond issue in manats and manat's liquidity on existing loans."
He said the conversion will be carried out at the request of borrowers.
"Some clients are engaged in the export of products. So, it is more profitable for them to get loans in foreign currency," added McKain.