The Black Sea Trade and Development Bank (BSTDB) registered the first issue of manat bonds in Azerbaijan worth 10 million manats, Trend reports referring to the Financial Market Supervisory Authority (FIMSA) of Azerbaijan.
According to FIMSA, the total amount of manat bonds, which the BSTDB plans to issue, will make up 50 million manats. Issues will be carried out in tranches during the year, and placed at the Baku Stock Exchange (BSE).
This is the first case of international financial institution issuing securities in local currency in Azerbaijan.
According to FIMSA, this will support the development of entrepreneurship in Azerbaijan, and will provide "access to long-term cheap financial resources of small and medium-sized enterprises."
Azerbaijan is one of 11 founders and members of the BSTDB since its foundation in 1997. The country's share in the bank's share capital is 5 percent, the current portfolio of the bank for projects in Azerbaijan is estimated at 53.86 million euros.
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