Gazprombank presents its possibilities in Azerbaijan

Gazprombank is ready to participate in all Azerbaijani investment projects implemented on a project finance basis, the bank's deputy chairman Famil Sadigov said during the business seminar 'Azerbaijan on the way to the implementation of investment projects: the possibilities of Gazprombank,' which was today in Baku, the correspondent of Vestnik Kavkaza reported.

Sadigov noted that the projects provide for the creation of industrial enterprises in the agricultural sector and for the construction of roads.

He further added that together with the Azerbaijani side, work is underway to create a mechanism for attracting Gazprombank’s investments in various areas. As part of their stay in Baku, representatives of the bank will also discuss the possibility of raising funds from capital markets to finance these projects.

Sadigov stressed that Gazprombank is ready to allocate up to $3 billion for projects in Azerbaijan.

According to him, Gazprombank considers Azerbaijan's State Oil Company SOCAR a reliable partner and is ready to continue cooperation.

He added that Gazprombank has financed the SOCAR Polymer project in Azerbaijan and the modernization of Azerikimya Production Union enterprises.

Sadigov said the bank is also interested in participating in the financing of the construction project of SOCAR GPC complex. He added that Gazprombank may allocate $400-800 million for the project.

Azerbaijan’s Economy Minister Shahin Mustafayev said that Azerbaijan and Russia are strategic partners and are actively building up bilateral cooperation, including trade and economic one.

According to him, so far Russia has invested about $4.2 billion in Azerbaijan’s economy, and Azerbaijan has invested over $1 billion in Russia’s economy. He added that the trade turnover between the two countries for the year increased by 20%, reaching $2.55 billion.

"A whole range of measures is being taken to build up bilateral cooperation, financial institutions and financial market play a special role in this. We have quite a good cooperation in the investment sphere. About 700 companies with Russian capital operate in Azerbaijan, and they are involved in many areas of the country’s economy," the economy minister said.

Mustafayev noted the role of Russia’s Gazprombank, which is actively involved in the implementation of industrial projects in Azerbaijan. Among these projects, he mentioned the construction of the SOCAR Polymer plant.

"The plant is already operating and offers its products not only in the domestic market of Azerbaijan, but also successfully exports it," he added.

According to him, the tendency of expansion of economic interaction meets the growing interests of the business circles of the two countries. Russia-Azerbaijan and Azerbaijan-Russia business councils are particularly active in this direction, Mustafayev said.