Azerbaijan, Baku / Trend corr I. Khalilova / The Committee of Directors of the Asian Development Bank (ADB) plans to approve of opening of a credit line in the sum of $10mln to Azerbaijan's Bank Respublika on 2 November, according to ADB Baku office.
The negotiations between the international financial institute and the Azerbaijani bank about directions of the credit have been completed. "The credit will be completely subordinated and will be intended for the second level capital," a source at the office said.
Taking into account this credit line, the credit portfolio of the ADB for Bank Respublika makes up $15mln. The 1st line ($5mln) was opened at the beginning of 2007 and the funds have been already used. The funds were intended for trade financing and development of small-scale and middle-scale entrepreneurship.
Bank Respublika plans to increase its capital this year through the funds of its stockholders. Today bank's authorized capital makes up AZN 19mln and it will be increased to AZN 25mln.