Bilateral artistic relations with Spain are fomenting the next generation of Azeri performers and illuminating Baku’s arts circle.

he increase in capital stock, derived from oil export earnings, is rolling the Azeri banking system. According to macroeconomic theory, any increase in capital will result in an increase of output. Only this time, the marginal product of capital also includes soprano evenings, art exhibits and film festivals. If so, what is the price of an evening with opera singer Montserrat Caballé?

As it turns out, an evening with the prima donna of opera is priceless. The Catalan soprano gave a memorable concert in Baku last year, accompanied by the Azerbaijan State Symphony Orchestra. At the Baku Music Academy, Caballé was available for a master class with local vocalists, the most talented of whom will participate in a competition in Spain, an example of how IBA extends its allocation of capital to include allocation of talent.

Baku has a vibrant and internationally renowned performing arts scene.

“A necessary condition to harmoniously develop business is to keep and improve the social, cultural and natural environment. Caring for the above is not just formal business, but the call of our hearts. We are trying to revive the best traditions of Azerbaijan’s charity,” says Chairman of the Board Jahangir Hajiyev in IBA’s 2005 Annual Report. The largest domestic bank hopes that its arts patronage will pay off in the future by inspiring a younger generation.

In February 2006, Baku was the first venue to host the 100th anniversary of Dmitry Shostakovich with a series of concerts. The 20th century composer was fêted in the Azeri capital with six days of continuous concerts directed by Mstislav Rastropovitch. Guests of honor included Russia’s own Galina Vishevskaya and Ukraine’s Oxana Dika.