BSTDB talks on acquiring stakes in Azerbaijani companies
The Black Sea Trade and Development Bank (BSTDB) does not plan yet to purchase new shares of enterprises and banks in Azerbaijan, a source in the bank told Trend.
The source said that the main priority today for the bank is to develop business activities by issuing loans to enterprises, rather than buying their shares.
Currently, the bank is trying to identify new business opportunities in Azerbaijan and to choose projects for crediting, the source said, adding that the BSTDB expects the audit reports of the companies for 2017 to be determined on their basis with new projects.
Meanwhile, the source noted that the infrastructure projects are of particular interest to the bank, and in this respect the BSTDB intends to continue working with municipal authorities in the countries of its presence.
Currently, the bank owns 20 percent of shares of Azerbaijan's AccessBank and 21.39 percent of shares of SEAF Caucasus Growth Fund, which also finances projects in Azerbaijan. In total, the BSTDB owns shares in about 10 companies and banks in different countries.
The bank has been financing projects in Azerbaijan since 1999 and during this period, the bank has allocated loans worth 330 million euros for local companies.
Azerbaijan reveals volume of soft loans provided to entrepreneurs
The National Fund for Entrepreneurship Support (NFES) of Azerbaijan has provided preferential loans worth 50 million manats to businessmen since early 2018, the Azerbaijani Economy Ministry said March 30.
The investment projects implemented by using allocated loans will make it possible to create more than 5,100 new jobs.
As part of a business forum held in the Upper Zeykhur village of Gusar district, entrepreneurs received preferential loans worth 1.2 million manats. The funds will be allocated to the development of animal breeding, horticulture and the construction of a logistics center.
In general, entrepreneurs of Guba-Khachmaz economic district have received preferential loans worth 189.1 million manats so far.
It is planned to allocate soft loans of 170 million manats through the NFES this year, the Fund's Executive Director Shirzad Abdullayev told Trend earlier. However, the NFES can expand the volume of concessional lending for 2018, he added.
"We have additional financing resources. That is, we, on our part, can expand financing up to 200 million manats in 2018. Everything depends on agreements between banks and entrepreneurs," Abdullayev said, adding that in case of necessity, the volume of concessional lending can be increased.
Azerbaijan - bridge for Iran to enter world financial markets
Azerbaijan plays a role of a peculiar bridge for Iran's access to the world financial markets, Azerbaijani MP Rufat Guliyev told Trend on March 30.
Presently, Iran is experiencing certain difficulties with entering the world financial markets and using international payment systems, he said.
"Iran had big financial and banking problems due to sanctions imposed particularly by the US and European countries. Just recently the country began to connect to international payment systems, but problems still exist," Guliyev said.
"Given Iran's problems related to connecting to international payment systems and entering the world financial markets, as well as the growth of trade between the two countries, Iran's interest in developing financial and banking relations with Azerbaijan, voiced by President Hassan Rouhani during his speech at the Azerbaijani-Iranian forum in Baku on March 29, is quite natural," Guliyev said.
The MP believes that Azerbaijan can significantly support Iran in entering the world financial markets.
"Azerbaijan has a big authority in the global financial market. We have already integrated into the world financial system, while Iran only has to do it. Therefore Azerbaijan plays a role of a bridge for Iran's access to international financial markets," Guliyev said.
In August 2016, Hassan Rouhani visited Baku, where the parties reached an agreement to expand financial cooperation and signed a number of treaties, including a Memorandum of Understanding stipulating the opening of mutual accounts.
The integration of card systems is also envisaged under the Memorandum of Understanding, that is, opportunities will be created for citizens of one country to use their bank cards in another country.