OREANDA-NEWS. December 02, 2014. Bank IBA-Moscow’s chairman of board Fuad Abdullayev and First Deputy Industry & Trade Minister of the Russian Federation Gleb Nikitin held a meeting in the Russian capital.

The press-service of the International Bank of Azerbaijan (IBA) informs that following the meeting the parties signed an agreement on cooperation in the field of financing and crediting of subjects of industrial activity, as well as participants of investment projects on creation and development of industrial production and infrastructure.

"The agreement will enable to increase volumes of financing and reduce the cost of credit resources for companies applying for grants within the framework of the national programs of the government of the Russian Federation," the IBA said in a statement.

Gleb Nikitin welcomed the opportunity of Bank IBA-Moscow’s financing for industrial projects on the territory of the Russian Federation. Implementation of the signed agreement in part of crediting for subjects of industrial activities, the expansion of the geography of cooperation of the Ministry of Industry & Trade and Bank IBA-Moscow, as well as participation of the credit institution in the financing of foreign trade operations will contribute to the further development of mutually beneficial relationships between Russia and Azerbaijan.