AZERBAIJAN TO SELL 20% OF BANKS TO EBRD BY END 2003
As was informed, Government of Azerbaijan will close a bargain for sale of 20% of the International Bank of Azerbaijan (IBA), the country's biggest bank, to the European Bank for Reconstruction and Development (EBRD) by the end of this year.
The European Bank for Reconstruction and Development is considering a letter of intention and a draft agreement that was negotiated, Farhad Aliyev, minister of economic development of Azerbaijan told AzerTAj correspondent.
The Government hopes to accumulate 60 billion manat (4,918 manat/$1 on December 5) from the sale and to reinvest 25.1 billion manat in the IBA.
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