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Amrahbank and Turkapital signs memorandum of cooperation

04 August 2011 12:41 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. Azerbaijanâ€™s Amrahbank and Turkish Turkapital have signed a memorandum of understanding on cooperation in business spheres. The contract is aimed to strengthen the cooperation on direct investments.

Amrahbank says the contract was signed by chairman of Turkapitalâ€™s Board of Directors Favvaz Al-Issa and chairman of Amrahbankâ€™s Board o Directors Emil Mammadov.

Amrahbank will assist to Turkapital in researching of projects of Azerbaijani investors. At the same time, Turkapital will cooperate with Amrahbank in assessment and selection of interesting investment projects.

Remind that, the mutual trade turnover between Azerbaijan and Turkey made $2.5 bln during past 5 years. This index is expected to double during next 5 years.

Note that, Turkapital was established in 2008 with $150 mln-authorized capital. Assets made $272.7 mln in 2010.

Remind that, Amrahbank has been in operation since 1993.