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Saturday, March 24, 2018

IBA-Moscow agrees to help finance Russian infrastructure, industrial projects

During a meeting in Moscow between International Bank of Azerbaijan-Moscow Chairman Fuad Abdullayev and Gleb Nikitin, Russia's first deputy minister at the Ministry of Industry and Trade, the financing of Russian industrialization programs was discussed, the bank said Thursday.

An agreement was signed at the meeting that stipulates the bank will help finance industrial projects in Russia. The agreement would also facilitate financing to pay the projects' investors.

According to the bank representatives, the agreement will ease the strain on current financiers in Russian industrial and infrastructure projects.

"The agreement will enable (Russia) to increase volumes of financing and reduce the cost of credit resources for companies applying for grants within the framework of the national programs of the government of the Russian Federation," IBA representatives said.

Nikitin welcomed the cooperative opportunity between the two entities, citing it as a major step forward in cooperation with Azerbaijan and foreign trade relations in general.

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International Bank of Azerbaijan

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