Azernews.Az

By Aynur Karimova

The Central Bank of Montenegro has issued a license to Azerbaijan's Azmont Bank, the Bank reported on April 8.

Azmont Bank has become the 15th bank operating in the territory of Montenegro.

Earlier, Montenegrin media reported about the plans of the country's Central Bank to issue a license to Azmont Bank, which was established by Azerbaijani investor of the Azmont Investments project and Azerbaijan Global Investments companies.

The Board of Directors of the Bank is headed by Ahmet Erentok. The Board also includes Rashad Aliyev, Rashad Rasullu, Gorkhmaz Agayev and Ana Ivanovic.

Azmont Bank will begin implementing the Portonovi complex construction project in the settlement of Kumbor, located on the shore of Boka Kotor Bay.

This is one of the largest complexes in the territory of Montenegro. The complex will consist of a hotel, a spa center, a port for super-yachts, residences, villas and houses, shops and restaurants. It will be inaugurated in the summer of 2018.

The implementation of the Trans-Adriatic Pipeline project, which will transport gas from the second stage of development of Azerbaijan's Shah Deniz gas condensate field to the European countries, is named among the reasons for opening Azmont Bank in Montenegro.

As part of the TAP project, a memorandum of understanding and cooperation has already been signed with the government of Montenegro.

Earlier, President of Azerbaijan's state energy giant SOCAR, Rovnag Abdullayev said that SOCAR acts as an intermediary between Montenegro and Azerbaijan's Azmont Company.

"A number of large companies participated in the tender for the resort's construction and Azerbaijani companies won the tender thanks to the SOCAR brand which acts as an intermediary," he noted.

Cooperation between Azerbaijan and Montenegro started to develop faster recently. About 4,200 tourists from Azerbaijan visited Montenegro in 2014, while in 2013 their number reached only 1,500.

Azerbaijan and Montenegro are keen on developing their ties by clinching new agreements on bilateral cooperation.

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Aynur Karimova is AzerNews’ staff journalist, follow her on Twitter: @Aynur_Karimova

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