Azerbaijan, Baku / Trend corr. I.Khalilova / The European Bank of Reconstruction and Development (EBRD) launched to assess the operation of the non-bank credit organization Agrar-credit, the organization reported. EBRD Georgian representative and Central office experts arrived to Azerbaijan.
The experts were divided into the two groups and jointly with workers of the credit organization visited Shaki, Shamakha and Khachmaz regions in order to get familiar with operation of the organization's branches. Initially, the experts planned visiting branches in Ganja, Barda and Shaki cities of Azerbaijan. Totally the Agrar-credit has 12 branches.
The auditory final document on KPMG on results of 2006 will be submitted to the European Bank experts.
The Auditory report will also be submitted to the National Bank of Azerbaijan to take decision in order to issue bank license. And for this purposes the Agrar-credit has developed the five year strategic plan of development after creation of agricultural bank. So the feasibility study to turn bank to non-bank credit organization was developed by assistance of the European Union experts. The document is necessary to submit to the Government and National Bank of Azerbaijan in order to receive the license.
Agrar-credit is expected to receive the bank license by the end of 2007 or at the beginning of 2008.
The Authorized capital of Agrar-credit stands at AZN 18mln. The assets of the company made up AZN 26mln and credit portfolio AZN 15mln by 1 November 2007.