Egyptian - Azerbaijan banks agreement on guaranteeing trade

Ambassador of Azerbaijan in Cairo Israfil Vikilov declared the signing of an agreement between Egyptian and the Azerbaijani banks for guaranteeing the joint exports and imports aiming at presenting banking loans for businessmen in the two counties.

He also assured that "negotiation is currently taking place between the Egyptian and the Azerbaijani central Banks to allow dealing with the 2 countries' currencies - referring that the Arab contractors company will open a permanent bureau in Azerbaijan through which the contribution will take place in establishing projects in basic infrastructure and major projects in Azerbaijan.

He said the volume of commercial exchange between the two countries does not exceed 1.2 million Egyptian pound due to the nonexistence of direct air flights between Egypt and Azerbaijan.