World Bank talks possibility of issuing manat loans in Azerbaijan (Exclusive)

Baku, Azerbaijan, Sept. 12

By Azad Hasanli - Trend:

The World Bank (WB) does not exclude the possibility of lending in the national currency of Azerbaijan, Head of the bank's Baku office Naveed Nagvi told Trend.

Nagvi noted that this issue can become part of a broader discussion of the country's economic development. However, currently, he added, the WB does not plan to issue loans in manats.

Traditionally, the World Bank lent in US dollars, SDR (Special drawing rights), British pounds and Japanese yens. This list was then extended to local currencies.

Azerbaijan has already seen examples of lending in manats by international financial institutions. The first such loan was issued by the European Bank for Reconstruction and Development. The loan was intended to expand the activities of METAK company, which is engaged in the production of plastic and steel pipes.

The interest in the issuance of credits in manats is also shown by the Black Sea Trade and Development Bank. So, the bank previously told Trend that such a possibility is being considered.

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Follow the author on Twitter: @AzadHasanli

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