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IBA’s foreign debt restructuring plan may be approved until mid-July

Business Materials 13 June 2017 12:27 (UTC +04:00)
The situation with approval of voluntary restructuring plan of foreign obligations of the International Bank of Azerbaijan (IBA) by foreign creditors will be clarified by mid-July.
IBA’s foreign debt restructuring plan may be approved until mid-July

Baku, Azerbaijan, June 13

By Anvar Mammadov – Trend:

The situation with approval of voluntary restructuring plan of foreign obligations of the International Bank of Azerbaijan (IBA) by foreign creditors will be clarified by mid-July, Azerbaijan’s Finance Minister Samir Sharifov told Trend June 13.

“We have already informed the public about the negotiation process,” said the minister.

Earlier, the IBA commenced a process of voluntary debt restructuring as part of its rehabilitation. The bank’s total debt to foreign creditors is $3.3 billion.

The International Bank of Azerbaijan has been operating since 1992 and is one of the country’s two state-owned banks.

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