EBRD issues first manat bonds in Azerbaijan to boost local capital markets

The European Bank for Reconstruction and Development (EBRD) has issued its first bonds denominated in Azerbaijan's currency, raising 50 million manats ($29.4 million) in a move the lender described as a key step in supporting the country's capital market development.  

The bond issuance "reflects a decade of cooperation on capital market development and will pave the way for other international financial institutions to issue manat bonds," Mikhail Grechikho, EBRD's deputy director for bonds in Central Asia, the Caucasus and Turkey, said on Wednesday at the opening bell ceremony on the Baku Stock Exchange.    

The one-year bonds, worth 100,000 manats each, were fully subscribed with total orders reaching 55.2 million manats.

An oil-and-gas rich country in the South Caucasus, Azerbaijan has boosted infrastructure investment and pledged cooperation on green energy projects in recent years in a bid to attract more foreign investment.   

According to the economy ministry, foreign investment in Azerbaijan's fixed capital rose 28.6% in real terms in January–June 2025 compared with a year earlier, exceeding $1.2 billion.

N.Tebrizli