"The development of local capital markets and local currency lending is among our top priorities in Azerbaijan. Companies, which have revenues predominantly in domestic currency, should ideally not be exposed to foreign exchange-related risks," she said.
Duarte also talked about the the process of issuing manat bonds in Azerbaijan.
"This is a process, which depends on the availability of necessary legal framework as well as the right market conditions. Once all the necessary elements of this jigsaw are in place, we’ll make relevant disclosures and announcements about manat denominated bonds," she said.
Duarte confirmed that the EBRD is working with relevant authorities on resolving these issues and making this happen.
In late 2017, the EBRD allocated the first corporate loan for Azerbaijan in manats. The loan was allocated for METAK company, the producer of plastic and metal pipes. The loan amount was eight million euros in manat equivalent.
Azerbaijan has been cooperating with EBRD since 1992.
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