Azerbaijan, Russia, Belarus establish Int'l Leasing Union

The Azerbaijan Association of Leasing Companies, Belarusian Association of Lessors and Russia's United Leasing Association (ULA) have created the International Leasing Union (ILU).This was stated in the ULA report, released on Monday.

The International Leasing Union was officially registered on December 3, talks about its creation were held in December 2011.

The purposes of the union will be to develop essential areas and programs for all types of international leases while working with interstate coordinating bodies, participation in the development of national legislation towards the implementation of international leasing, draft agreements, conventions, corporate and legal framework of international leasing, analysis of the international leasing market's structure and dynamics, collection and compilation of pertinent statistical and analytical information for members of the ILU amongst other things.

The Union is also planning to expand by attracting participants from other countries. The executive body of the newly created ILU will be located in Belarus.


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