Azerbaijan is deepening its strategic cooperation with the Organisation for Economic Co-operation and Development (OECD) as part of a broader effort to modernise its economy and align with international standards, Euronews.com reported. The expanded partnership is aimed at supporting structural reforms designed to improve transparency, attract foreign investment, and strengthen the country’s integration into global markets. Under the enhanced cooperation framework, Azerbaijan will focus on capital market development, trade facilitation, and improved connectivity.
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Sovereign wealth funds pulled $16.3 billion from public market investment strategies, largely equities, in the fourth quarter, the most in almost four years, driven largely by redemptions, according to data and research firm eVestment, Reuters reported. The move followed a year in which some funds, including those from Norway, Azerbaijan and Kazakhstan, planned withdrawals to help their governments cope with the coronavirus crisis. Net outflows from equity strategies managed by third-party fund managers reached $18.5 billion in the final three months of 2020, eVestment data showed.
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Sberbank and the International Bank of Azerbaijan (IBA) have settled a dispute over funds owed to Russia’s largest bank by IBA, an Azeri and Sberbank officials said on Wednesday, Reuters reported. In 2017, state-run IBA proposed a plan to restructure $3.3 billion of its debt and said in July it had received approval from creditors holding 93.9% of the debt involved. As part of the restructuring, which was under Azeri law, IBA obtained a moratorium from a London court preventing creditors from taking action against it without court permission.
The state-run International Bank of Azerbaijan (IBA) has completed its recovery, plans to set up its own investment company and is preparing for its planned privatisation, the bank’s management board chairman told Reuters. Azeri President Ilham Aliyev ordered in 2015 the privatisation of the oil-rich country’s biggest bank after a clean-up to get rid of distressed assets resulting from poor management, Reuters reported. Two years later IBA proposed a plan to restructure $3.3 billion of its debt, later receiving approval from creditors holding 93.9 percent of the affected debt.