The privatization of the International Bank of Azerbaijan is not on the agenda, Azernews reports, citing the head of the State Service on Property Issues under the Ministry of Economy Matin Eynullayev telling a news conference on the results of 2022.

He noted that there is no need to privatize any state entity if it is operating with profit.

“The main purpose of the investment holding is to ensure the stability and profitable operation of the organizations included in it,” he added.

Meanwhile, the head of the Service’s Strategic Planning Department, Ilgar Gabiyev, stated that more than AZN115.4m ($67.8m) was transferred to Azerbaijan's state budget from the public property privatization through the State Service on Property Issues under the Ministry of Economy in 2022, which is 1.2 percent more as against 2021.

"Besides, 304 small facilities, 513 vehicles, and 262 hectares of land were privatized. Last year, more than 1,000 new land lease agreements and 858 contracts for the lease of non-residential premises were concluded. State revenues from the lease of non-residential premises amounted to AZN3.7m ($2.18m), and from the lease of land plots - AZN21.1m ($12.4 million)," he said.

According to Ilgar Gabiyev, in 2022, the State Service received more than 840 applications for the lease of land suitable for agricultural activities.

"On 480 applications, agreements were reached and over 36,200 hectares of land were leased, and negotiations are underway on 394," he noted.