Asian Bank Approves Loan for Azerbaijani Bank
Azerbaijan, Baku / corr Trend I.Khalilova / The Asian Development Bank (ADB) has approved a $6mln for the Azerbaijani bank Bank of Baku, including $4mn to be presented in foreign currency and $2mln in national currency.
The Baku Office of the ADB announced on 12 September approval of part of the loan for Azerbaijan in national currency can be regarded as confidence in the national currency and its stability.
The loan is designed for expansion of the clientele base, financing small and medium entrepreneurship.
Over 2-3 weeks the ADB also plans to allocate 2 more loans for the Azerbaijani banks within the framework of expansion of the loan portfolio for the country's private sector from $15mln to $120mln.
With the consideration of loan for Bank of Baku the portfolio of the ADB has increased to $31mln. Presently, talks are also carried out with Bank Respublika, which is expected to receive a $10mln subordinated loan.