UK, London / corr Trend P.Kesamanski, I.Khalilova / The European Bank for Reconstruction and Development (EBRD) intends to set up business in Azerbaijan, despite problems with monopolies and increase of inflation, Raymond Konway, the former head of the Baku office of the EBRD, said in talks with Azerbaijani journalists in London.
"We as a bank should first of all earn money. We do not refuse that Azerbaijan has problems that I spoke openly, when I fulfilled the mission of bank's representative. On the other hand, we have supported the development of the private sector in Azerbaijan and are eager to continue work in this direction," Konway said.
The Bank supports not only the small business, particularly, trade, but also production enterprises. He cited the diary producer MilkPro, which has expanded its activities.
"We have much money for Azerbaijani entrepreneurs, but unfortunately we cannot find projects," Konway said.
The key objective of the European bank in crediting the banks is to increase its competitive powers, which contributes to removing monopolies. Only in case of absence of monopolies and health rivalry among banks, can the credit rates can be decreased," Konway said.
Financing the banks the European bank does not dictate its conditions to cut the credit loan.