Russia’s Gazprombank, International Bank of Azerbaijan sign co-op agreement
Baku, Azerbaijan, May 31
Russia’s Gazprombank and International Bank of Azerbaijan (IBA) have signed a cooperation agreement during the Caspian Oil and Gas exhibition in Baku, Trend reports referring to the Bank.
Chairman of the IBA board Abbas Ibrahimov and Deputy Chairman of Gazprombank board Alexey Belous signed the document.
The agreement envisages the interaction of the sides for the potential financing of investment and other commercial projects in Azerbaijan.
Among the priority spheres of cooperation, the sides named the petrochemical industry, oil and gas industry, agriculture, transport and communication sectors.
Moreover, the banks showed interest in developing cooperation in the field of contract banking, financial consulting and activity in the capital markets. The banks expressed their intention to render mutual support and assistance in the development and promotion of the settlement system in the Russian and Azerbaijani national currencies.
IBA-Moscow Bank, a subsidiary of IBA in Russia, is expected to take part in a number of joint projects with Gazprombank.
Chairman of IBA board Abbas Ibrahimov stressed that the bank attaches great importance to the development of relations with foreign financial institutions.
"We are constantly expanding our relations with international partners and always try to assess new opportunities for cooperation,” he added. “Azerbaijan and Russia have broad economic and trade relations. We hope that partnership and joint projects between IBA and Gazprombank will contribute to their further development."
“Azerbaijan is one of the most dynamically developing CIS countries with which Gazprombank has long-term business and friendly relations,” Deputy Chairman of Gazprombank board Alexey Belous said. "The implementation of large-scale projects on financing jointly with IBA will allow for exchanging experience and giving a new impetus to the country’s development."