BSTDB ready to raise funds from Azerbaijan’s Oil Fund
Baku, Fineko/abc.az. The Black Sea Trade and Development Bank (its annual meeting in Baku will be held on 21-23 June) announced plans to raise funds from the State Oil Fund of Azerbaijan (SOFAZ).
BSTDB president Andrey Kondakov has stated that the Bank already held talks with SOFAZ about attracting funds from it.
"However, the SOFAZ investment guidelines have a number of limitations. For example, it cannot transfer finances to organizations with a rating lower than AA, and BSTDB’s rating is still at A, which is not bad, but is not enough to raise money from SOFAZ,” Kondakov said.
Earlier Azerbaijans Oil Fund invested $350 million in funds formed by the International Finance Corporation (IFC).
"As soon as the BSBTD rating is upgraded up to AA, for which we hope, we will apply to SOFAZ again and resume the debate on raising its money. Besides, the Oil Fund has no restrictions for subscription for the BSTDB bonds," Kondakov said.
In particular, the BSBTD is currently considering a possibility of issuing its own bonds in the markets of the BSTDB member states. The Bank has already received approval to issue its bonds in Russia for up to $10 billion and for a period of 3-5 years.
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