Azerbaijan is ready to discuss the participation of the European Bank for Reconstruction and Development (EBRD) in the privatisation of its biggest lender, International Bank of Azerbaijan (IBA), Azeri Finance Minister Safar Sharifov said on Tuesday.

Azerbaijan may launch the privatisation of IBA in early 2018, Sharifov told reporters.

EBRD President Suma Chakrabarti, who visited Azerbaijan last week, said that the EBRD was "ready to help” with the changes the Azeri banking sector is going through.

IBA is undertakinga $3.3 billion debt restructuring.