Azerbaijan, Baku /corr. Trend I.Khalilova / The plans of the Government of Azerbaijan to place Eurobonds are linked with the need to determine the basis of conditions for the future access of Azerbaijani securities to foreign markets, said the Head of the Insurance Control Department of Azerbaijan's Foreign Ministry, Namik Khalilov. According to him, the interest rates for the Eurobonds which are planned to be issued by the Finance Ministry will be the basis for Azerbaijani corporate Eurobonds. He refused to highlight the interest rates for the placement of Eurobonds because that will depend on the market. The initial placement period of the Eurobonds is five years and amount to $300mln.
The Eurobonds of the International Bank of Azerbaijan, which also have 2007 placement plans, may be issued only after issuance of the Governmental Eurobonds.
"The attracted finances are not linked with concrete projects. They envisage covering the budget deficit and will be spent on budget expenditures," he said.