Signing of the agreement between the European Bank for Reconstruction and Development (EBRD) and Bank of Baku took place on 14 October 2005 in Baku. The agreement regulates issues of the EBRD involvement in the capital of the Azerbaijan’s bank, Trend reports
According to the vice-president of the Bank of Baku Рђfgan Isayev, the total amount of the deal is some 5 million of USD, from which 4 million of USD is designated for participation in the capital and 500,000 USD for funding technical assistance.
From 4.5 million of USD 11.33 billion AZM will be directed to the authorized capital, the rest amount will replenish the capital reserves. As the chairman of the Bank of Baku Supervisory Board Tomas Mozer noted, for the moment the bank growth index is by 27% exceeds its forecasts. He also noted the deal is the EBRD largest involvement in the Azerbaijan’s banking capital.