Azerbaijan, Baku, Feb.4 / Trend T. Jafarov /
Iranian Deputy Foreign Minister Hasan Gashgavi attended the foundation of ceremony of 27-storey residential, office and shopping complex to be constructed in the Nasimi district of Baku, the Iranian Embassy in Azerbaijan reported. The construction cost is 59 million euro
Iranian Ambassador to Azerbaijan Mohammad Bagher Bahrami also attended the event
The Iranian Embassy held a ceremony of signing the loan agreement between the Iranian Export Development Bank (Saderat) and the Azerbaijani company EL-Seni in amount of 43 million euro in November. These funds are allocated for the construction of 27-storey building
EL-Seni will allocate the rest part of funds under the Azerbaijani Zaminbank guarantee
The Iranian bank's loan with 4 percent rate will be repaid within two years of completion of the construction
The total square will be 7,500 square meters. An Iranian '115th Road Construction Company' will carry out construction. The construction materials, mainly iron construction, will be imported from Iran.
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