Non-sovereign financing by international financial institutions in Azerbaijan was estimated at $185 million in the third quarter of 2026, compared with $42 million a year earlier. Local media cited a Eurasian Development Bank review.
This represents approximately 4.4-fold growth. Non-sovereign operations are distinct from sovereign borrowing and can involve several financial instruments.
An EBRD project for AccessBank, for example, provides for an unfunded guarantee of up to EUR 75 million covering up to half the risk on new small-business loans. Such a ceiling measures risk-sharing capacity, rather than cash already disbursed to borrowers. The quarterly aggregate therefore should not automatically be read as cash investment received.
