Baku, Azerbaijan, June 14
By Azad Hasanli - Trend:
Azerbaijani AGBank has repaid a part of its debt to the German-Azerbaijan Fund (GAF), a source in the financial market of Azerbaijan told Trend.
The source said that the bank's debt to the fund stands at around 1.8 million euros, and nearly 300,000 euros of this amount have already been repaid.
The GAF had to collect in 2015 all the money [nearly 12 million euros] issued to banks in the form of loans, but due to financial problems of one of the banks, a delay in payments emerged. As a result, negotiations were suspended between the founder of the GAF, Savings Banks Foundation for International Cooperation (SBFIC) of Germany, and the Ministry of Finance of Azerbaijan.
The source said that originally, the AGBank asked for a postponement until late January 2016, but then extended the debt's repayment period for another month.
"It's true that the financial position of the AGBank has improved, and the sides have already determined the loan payment schedule," the source said. "The remaining part of the loan will be repaid in the near future."
The source didn't specify the period of the loan's repayment.