ECONOMY
EMEAfinance recognizes International Bank of Azerbaijan on two categories
Baku, April 21 (AZERTAC). One of Europe`s leading information- analytical publications EMEAfinance has recently defined the best banks among the European, Middle- East and African countries.
International Bank of Azerbaijan reports that this year IBA was granted the journal`s two rewards at once - Best Local Bank in Azerbaijan 2010 premium in Europe Banking Award 2010 category as recognition of last year`s progress and success as well as Best Sustainability Award in Project Finance Award 2010 category for the bank`s participation in the projects particularly valuable from ecological point of view.
"The banks all over the world more frequently make decisions on financing of a certain project taking into account rather strict criteria of their ecological properties". In particular this year IBA was awarded for participation in financing of construction of paper stock and products plant in Azerbaijan. Total cost of the project is about 80 million euro", - the report says.
The winners on nominations were selected by the commission consisting of Emeafinance`s management and analysts, banking and financial consultants. The main criteria for selection of winners were financial and economic indicators such as: market stake, provision of essential, key and innovative products and services, profitability, corporate strategy as well as active participation in ecologically important projects and others.
"In March of 2011 IBA already received Best Sustainability Deal reward from Emeafinance journal. The award was granted for the bank`s participation in financing of the first project Yeni Yashma on production of wind power in Azerbaijan. The project worth about 118 million euro envisages construction of 20 wind installations with overall capacity 50 megawatt. In that project IBA was the deal guarantor and its main participants were Societe Generale and Landesbank Berlin", - the report says.