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Azerbaijani Processing Centre Repaid First Installment of World Bank Loan

Business Materials 31 October 2007 16:26

Azerbaijan, Baku / corr Trend I.Khalilova / Millikart Ltd has begun repayment of the World Bank loan in the amount of $1.8mln, which was given to the National Bank of Azerbaijan (NBA) for establishment of the processing centre. Jalal Orujov , the director of the centre, said the first payment made up AZN 0.56mln

"These funds were given to NBA to pay off the World Bank loan," said Orudjev.

The loan will be repaid over three years.

The NBA sold the center to banks at a prime cost of $3.5mln. The NBA spent the capital on the establishment of the centre, purchase of software and equipment, certification of international payment systems Visa and MasterCard and expenses for training employees. These expenses were covered by WB's $1.8mln loan within the framework of 'Technical assistance to the financial sector in Azerbaijan', whilst $1.7mln was funded from finances of the NBA.

Millikart LTD was established on 14 July 2006. Atabank, Azerdemiryolbank, Azerturkbank, Bank of Baku, CIBank, Debyutbank, Amrahbank, Khalqbank, Kredobank, the Azerbaijani Micro-Finance Bank, ParaBank, Rabitabank, Bank Respublika Bank Standart, Tehnikabank, UniBank and Zaminbank are founders of the centre.

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