Bank of Azerbaijan

"Russia and Iran agreed to strengthen transport connections, including a potential railway link through Azerbaijan that would aim to grab a share of the cargo now being shipped through the Suez Canal. Russian President Vladimir Putin and his Iranian counterpart, Hassan Rouhani, discussed the plan during a rare joint visit to Azerbaijan on Monday. The fight against terrorism and maritime boundaries in the Caspian Sea were also among the topics of discussion... Azeri President Ilham Aliyev has offered to help finance the so-called North-South transportation corridor, which he touted as a project of 'great importance' in connecting Europe and Asia. Rouhani earlier said Azerbaijan had agreed to provide half of the funding needed to extend the Iranian rail network to the Azeri border... Russia would be able to use the new route to export goods to Asian markets and the Gulf region, Elxan Shahinoglu, head of the Atlas research center in Baku, said by e-mail. It would also provide a shorter passage for Iranian goods to northern and eastern Europe, he said... The state-owned International Bank of Azerbaijan will lend Iran $500 million to extend the Iranian network to the border, Trend news service reported in June, citing Ali Noorzad, head of the Iranian Co. for Construction and Development of Transportation Infrastructure. Talks continue on the loan agreement, Noorzad said, adding that the estimated cost of the project is $1.1 billion." (Bloomberg, "Russia, Iran Consider Rail Link to Snag Share of Suez Traffic", 8/8/2016).

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"In February 2017, an Azerbaijani bank will open its branch in Iran, Economy Minister Shahin Mustafayev told a press conference on the outcome of an Azerbaijani delegation’s visit to Iran. " (https://financialtribune.com/articles/economy-business-and-markets/60463/azerbaijan-to-open-bank-in-iran)