"The process of issuing Azerbaijani manat-denominated bonds in 2016 was fully prepared," Chakrabarti told a news conference.

   

"The main conditions are approved," he said, adding that the only question remaining was when the market would be ready for the issue. He did not elaborate.

   

The EBRD has already issued bonds denominated in the local currencies of Azerbaijan's Caucasus neighbours Georgia and Armenia.

   

The bank is preparing for its third issue of Georgian lari-denominated bonds in late May or early June. It would place lari bonds equivalent to $60 million with a maturity of five years.

   

The EBRD has invested $270 million in 30 projects in Azerbaijan in the last two years.