U.S. Walls Fargo HSBC bank set to financing of three agricultural projects in the total amount of $6.1m in Azerbaijan, Emil Mustafayev, the deputy chairman of the Board of Directors of the International Bank of Azerbaijan (IBA), told Trend. According to Mustafayev, contracts on delivery of agricultural and watering equipment were concluded with two companies, involved in cotton-growing. The third project is related to solution of irrigation issues to grow sugar beet for the Imishli sugar plant, the construction of which is under completion.
Mustafayev said that all three projects, financing by U.S. Walls Fargo HSBC bank, were related to acquisition of appropriate technique from USA under EximBanks guarantee.
The contracts were undersigned between the companies CTS Agro, MKT Istehsalat Kommersiya, involved in cotton-growing, Anadolu Kand Tasarufaty Mehsullary, involved in beet-growing, and Valmont Industries Inc. under bill provision of IBA. The bills are envisaged for 5 years.
