Azerbaijan’s NBCO restructuring foreign borrowings
Baku, Azerbaijan, March 28
By Ilkin Shafiyev - Trend:
Azerbaijani non-banking credit organization (NBCO), Finance for Development, continues to restructure foreign borrowings, Jalal Aliyev, chairman of the NBCO board, member of board at the Azerbaijan Micro-finance Association (AMFA), told Trend March 28.
“We have signed restructuring agreements with foreign creditors,” he said. “This allowed us to increase liquidity and restore lending since 2017. At the moment, we have repaid all the debts in euros. We still have to repay 200,000-300,000 manats and about $1.7 million. In general, we repaid 87 percent of the debt in US dollars.”
As of Jan. 31, 2018, Azerbaijani NBCOs issued loans worth 414 million manats, according to the Central Bank of Azerbaijan.
(1.7 manats = 1 USD on March 28)