The Moscow branch of the International Bank of Azerbaijan (IBA-Moscow) has partially repaid its loans from a syndicate of Russian financial institutions, the bank announced on Wednesday.

So far, the bank has repaid $80 million out of the principle of $130 million and plans to pay the loan off within the agreed upon time frame, which has been extended by one year.

The lending banks included MDM Bank, UralSib, SMP Bank, RosEvroBank and APD.

The bank's successful payment of the loans will help build its reputation to attract other lenders and to build its credit ratings, proving that it is a viable investment to others. These actions have been an important step for the Moscow branch and the entirety of the IBA.

The Moscow branch opened in 2002 and is the largest branch of the IBA outside of Azerbaijan.