Iranian bank to fund construction of residential, office and shopping complex in Baku
Azerbaijan, Baku, Nov. 4 / Trend T.Jafarov /
On Nov.4, the Export Development Bank of Iran (EDBI) and the Azerbaijani construction company signed a loan agreement worth €43 million at the Iranian Embassy in Azerbaijan with the participation of Iranian ambassador to Baku Mohammad Baghir Bahrami. These funds will be directed towards construction of 27-storey residential, office and shopping complex worth €59 million in Nasimi district of Baku.
The rest of the funds will be provided by El-Ceni. The Azerbaijani Zaminbank is the guarantor of the loan.
The Iranian bank will be refunded within two years after the completion of construction with an interest rate of four percent.
Total area of the complex will be 7,500 square meters. The Iranian company "115th road construction company" will hold the construction. The materials, mainly iron construction, will be imported from Iran.
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