Azerbaijan, Baku / Trend corr. I.Khalilova / The German Development Bank KfW choused bank and non-bank credit organizations, which will be involved into implementation of the project which costs € 5mln on agrarian financing of in Azerbaijani rural areas, Natig Abdullayev, KfW's Baku office said. The names of banks will be announced in December.
The credit agreements with the banks may to be signed during the visit of Michael Yaintsik, KfW's Manager on financial projects, to Baku.
"Yaintsik's visit is planning at the beginning of December," Abdullayev said.
In compliance with the examinations held by consultants in 2006 Shaki, Lankaran and rural areas in Ganja City were choused.
"We have already expertise the project and approved it. I believe that the first credits will be allocated by summer 2008," Roland Siller, KfW's first Vice president on Europe, said.
According to Siller, different financial institutions will be elected which to be financed by KfW.
"We start from law sum and even want to cooperate with non-bank sphere, NGOs which have experience in this sphere. It may be non-bank credit organizations which can develop themselves," Siller said.
Siiler added that not all banks in Azerbaijan today want to work in rural areas; only one bank expressed its will.
The credit conditions will be similar with bank financing conditions through German-Azerbaijani fund.