US EximBank and International bank of Azerbaijan increasing cooperation

Business Materials 29 June 2006 18:30 (UTC +04:00)

International Bank of Azerbaijan (IBA) plans increasing cooperation with EximBank of the United States. Chairman of the board Jahangir Hajiyev told Trend that EximBank usually issues credits in amount of up to 40% of borrowers capital. В"Therefore w are interested in raising charter capital to get bigger creditВ", IBA chairman said.

This year EximBank started financing three agricultural projects in Azerbaijan in total amount of $6.1mln through IBA.

All three projects are linked to purchase of related technique from the United States against EximBanks security and sponsored by Walls Fargo HSBC.