Gazprombank may expand investments in Azerbaijan's non-oil sector

  12 March 2019    Read: 1186
Gazprombank may expand investments in Azerbaijan

Russia's Gazprombank is considering the possibility of financing projects in agriculture and infrastructure in Azerbaijan, Famil Sadigov, deputy chairman of the bank, told reporters in Baku on March 12, reports.

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.

The Gazprombank Group includes many different companies that operate not only on the financial market but also on the markets of precious metals, oil and gas, construction and others.

In Azerbaijan, the bank participated in financing the SOCAR Polymer project, allocating a loan in the amount of $489 million. Last fall, Gazprombank also concluded an agreement with Azerbaijan's State Oil Company SOCAR and the Russian Export Center. The agreements will allow the bank to support the supply of Russian equipment and services that are in demand in Azerbaijani projects.

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