The International Bank of Azerbaijan (IBA) said Monday that it will finance 80 projects deemed important in developing the non-oil sector in the country.
One of these projects is the enhancement of Inter Glass, a company that specializes in manufacturing glassware. According to country economists, glass production is a strategic sector for development. With help from the bank the company can produce enough product to reduce reliance on imports and allow the economy to diversify.
The company would be able to produce 80 to 85 million units once enhancements from the bank are put in place.
"In the economic sphere are our goals to reduce dependence on imports, increasing domestic production, new jobs, all of which the formation of the non-oil sector is a very serious step," IBA President Ilham Aliyev said.
Currently the plant employs 213 people of whom seven are specialists from other countries.