OREANDA-NEWS. June 17, 2008. Realization of project of constructing sky-scrapers initiated by Kovsar Bank has been launched in Baku.

Kovsar Bank Chairman Heydar Ibrahimov said construction has been launched by Korea.

“They’ve raised \\$300 million from Korean banks. Total area of erected complex consisting of 39-storeyed towers will come to 170,000 sq.m,” H.Ibrahimov said.

In the foundation the towers will be joined by 8-storeyed office basis.

“Construction will take three years and seven months. Kovsar Bank’s stake in the project is minimal. Islamic Corporation for Development of Private Sector, which allocated \\$5 million for the project, when it had another configuration, is ready to renew decision and finance a new project. We will do it if it’s necessary,” H.Ibrahimov said.

The total area of twins is supposed to be sold for offices and apartments.

“The complex will be managed by Baku Pride Company founded by Korea in the person of Baku Pride with minimal stake of a local partner, approximate to Kovsar Bank,” H.Ibrahimov said.

The construction is conducted by specially hired Korean construction company.