By Trend

Azerbaijan’s AzerGold CJSC put bonds in circulation in 2020 to eliminate dependence on the state budget, Chairman of the board of the company Zakir Ibrahimov said at the event entitled "Current problems, reforms and prospects for the development of the mining industry" in Baku, Trend reports.

"Thus, we issued bonds in the amount of $20 million in 2020 to provide the funds necessary for the implementation of mining projects through a corporate financial instrument," the chairman said.

Ibrahimov said that the securities were successfully issued, which creates favorable investment opportunities for the population and accelerates the implementation of the projects through alternative sources of financing.

"As a result, AzerGold became the first state-owned company in the non-oil sector which issued bonds," Ibrahimov added.

AzerGold CJSC was established upon the order of Azerbaijani President Ilham Aliyev dated February 11, 2015. The company works to explore and develop the deposits of precious and non-ferrous metals in the country. The company is also engaged in the extraction, processing and trade of precious metals.