OREANDA-NEWS. March 18, 2010.  During the past week the CIS Business Center of Economic Development with Support of CIS Executive Committee, Ministry of Economic Development of Russia and Financial-Banking Council of CIS have organized the International Economic Forum of CIS Member States ”New Initiaitve during the Russia’s Chairing in CIS”, reported the press-centre of IBA.

The main goal of the gathering is the discussion of the perspectives for implementation of strategies and ways of further strengthening of economic integration. As forum organizers believe, such a significant event will be a new step in realization of Strategy of economic development of Commonwealth for the period until 2020, approved by the CIS Prime Minister Council in 2008.

Within the Forum, for the first time there was a rewarding performed of CIS Business Leader award in ten nominations, established by the CIS Business Center for Economic Development. Jahangir Askerov, Chairman of Board of the International Bank of Azerbaijan has been awarded with CIS Business Leader award in the nomination “Leader of Economic Cooperation” in finance and banking cooperation.

Fuad Abdullayev, Chairman of Board of IBA-Moscow was rewarded with honourary diploma “For Contribution to Development of Economic Integration of CIS Member States”.

During the forum were discussed the issues on various sectors of economy: cooperation in the fuel and energy, transport and construction sectors, financial and banking industry, IT and electronic trades etc.

At forum was present a management of state authorities of Russia and CIS, industrial holdings, public entities, representatives of leading business structures of the Commonwealth Independent States.

IBA was established in 1992 and is the largest bank of Azerbaijan. At this time 50.2% of bank’s shares owned by state and 49.8% to private investors. In general, shareholders of IBA are 14 legal entities and 1556 private persons.

By results of first half of 2009 the IBA has held the 45th place among CIS banks and 1st place among 46 banks operating in Azerbaijan for the volume of its assets in the “Interface-1000: CIS Banks” ranking prepared by Interfax-Economic Analysis Center.