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EMEAfinance recognizes International Bank of Azerbaijan on two categories

20 April 2011 15:06 (UTC +04:00)

Baku. Vahab Rzayev â€“ APA-Economics. One of Europeâ€™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 journalâ€™s two rewards at once - Best Local Bank in Azerbaijan 2010 premium in Europe Banking Award 2010 category as recognition of last yearâ€™s progress and success as well as Best Sustainability Award in Project Finance Award 2010 category for the bankâ€™s participation in the projects particularly valuable from ecological point of view.

â€œThe 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 Emeafinanceâ€™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.

â€œIn March of 2011 IBA already received Best Sustainability Deal reward from Emeafinance journal. The award was granted for the bankâ€™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.

Early 2011 was rich with rewards for IBA. So at the end of this March GUAMâ€™s secretariat in Kiev summarized the results of First International Contest held by Democracy and Economic Development Organization jointly with international publishing house "ÐšÐ‘Ð¡-Ð˜Ð·Ð´Ð°Ñ‚"(the Ukraine), "Credit Rating" and â€œBanker" journal. IBA became the winner of the first International contestâ€ CIS, Baltic and Georgia banks-2010" in " The best technology bank nomination and Chairman of IBAâ€™s Board J. Hajiyev was recognized " The yearâ€™s banker( best top- manager)" in "GUAMâ€™s best banks-2010" contest.