Int’l Bank of Azerbaijan’s debt to Kazakhstan extended for 15 years


January 17, Fineko/abc.az. The debt of International Bank of Azerbaijan to Kazakhstan has been extended for the period of 15 years.

Finance Minister Bakhyt Sultanov of Kazakhstan has claimed that Kazakhstan has not lost those money, but there was a risk of loss if the IBA actually would have gone bankrupt indeed.

"As a result, the debt has been extended for the period of 15 years - $250 million with the interest rate of 3.5%. These securities (IBA’s bonds) are liquid, so we can't say we’ve lost money. Yes, of course, there will be difference, compared with previous investments, but we have not lost the main amount. And, furthermore, 3.5% will be accrued – this international rate is approximately close to market rates of sovereign countries," the minister said.