By Azernews

By Ayya Lmahamad

Azerbaijan and Lithuania have signed a memorandum of partnership to develop and integrate into ATMs a solution that will allow them to process and issue loans, Azernews reports.

The memorandum was signed between Azerbaijan's SINAM IT company and the local office of the Lithuanian BS/2 company.

The document was signed by SINAM's President Elchin Aliyev and BS/2 Azerbaijani office Head Ilgar Hasanov.

Diplomatic relations between the two countries were established on November 20, 1995. The embassy of Azerbaijan in Lithuania was opened in September 2007, while the embassy of Lithuania in Azerbaijan was opened on April 3, 2007.

The two countries have so far signed 39 documents. Azerbaijan is Lithuania's biggest trade partner in the Caucasus. The trade turnover between the two nations amounted to $42 million in 2021, and to $14.4 million in the first half of 2022.