GUAM Countries May Establish Inter-State Development Bank
Azerbaijan, Baku, 31 May /corr. Trend I.Khalilova / Establishment of Inter-State Development Bank of GUAM by the GUAM participating countries (Georgia, Ukraine, Azerbaijan and Moldova) depends on the decision of the governments, Eldar Ismaylov, President of Association of Banks of Azerbaijan (ABA), said to conference 'Development strategy of GUAM'.
Establishment of such a bank is a serious decision and should not to repeat Inter-State Bank of CIS, which is still inactive. It was established with capital totaling 300mln rubles. However, according to Ismaylov, there is a positive practice with regards to establishment of Eurasian Development Bank by Russia and Kazakhstan in 2006, with capital amounting $1.5bln, for realization of large-scale inter-state projects on construction of transport corridors, machine-building, etc.
"The key task of the Coordination Council is to ensure co-operation of the commercial banks of GUAM member-countries, participate in joint projects and time will come to establish a single bank," he said.
Heads of Associations of Banks of Ukraine and Moldova consider that integration processes depends on financial demands in realization of regional projects. However, the banks that are main source of finance direct their funds towards the projects beneficial form them. Association of Banks of Georgia, Zurab Gvasalia, in addition to political wish, economic demand is necessary to establish of Inter-State Development Bank.
The correspondent can be contacted at: [email protected]