Azerbaijan, Baku, 30 May / Trend corr I. Khalilova/ "Formation of banking system in Azerbaijan, Ukraine, Moldova and Georgia ( GUAM countries) likely to complete soon. When assets/GDP ration reaches the level of 90s, the banking system will be considered up-to-day," Oleksandr Sugonyako, President of the Association of Ukrainian Banks, who is currently visiting Baku, said.
[Assets of Azerbaijan's banking system totalled 27% of GDP in 2007, Ukraine's - 85%, Moldova's - 60%]
At present, banking sector is developing in each of the countries in its own way. Exchange of positive results is very important.
"The positives must become a part of system-wide tasks to make developments more high-quality. But further issues are those regarding penetration of banks into the markets of the countries, which must be intensively studied to finance the joint projects," Sugonyako said.
According to Sugonyako, Ukrainian banks are already opening representative offices in Caucasus. The opportunities of Ukrainian banks to come to Azerbaijan and vice versa are being currently studied, and strategies are being currently developed.
"Our purpose will be to accelerate the processes," Sugonyako said.
Sugonyako said that it would be good for banks to cooperate to find resources during implementation of the project to construct a ring road around the Black Sea via GUAM countries. National banks can also cooperate in financing a project to construct a ferry passage between the Georgian ports and Ukraine.
Given the Ukrainian President's initiative to construct the Odessa-Brody-Plotsk-Hdansk oil pipeline, development of such oil corridor to Europe from Baku must be also carried out through adequate finances.
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