ADB, IBA Specify Prospects for Further Cooperation
Azerbaijan, Baku / Trend corr I. Khalilova / The Asian Development Bank (ADB) is ready to discuss with the International Bank of Azerbaijan (IBA) the prospects for further cooperation and may allocate $40mln to the bank. First deal envisages allocation of $20mln, but in case IBA's demands increases and the situation changes, it may receive the remaining $20mln, the Director of the Capital Markets and Financial Sectors Division William Willms said at the signing ceremony of the first deal with ADB in Baku on 14 December.
"Our bank not going beyond its credit limits decided to leave a part of the credit for implementation of other unique projects, but that is not connected with reappraisal of the attitude towards IBA," Willms said.
According to Willms, ADB regards IBA as a potential bank and is interested in cooperation with it. ABD plans to introduce through IBA more unique banking products, which will enhance its activities and will enable it to keep its leading position.
The prospects for IBA's further cooperation with ADB will be specified after the bank's budget for 2008 is approved, within the framework of which the plans on foreign loans will be specified. In 2007, IBA received foreign credits in the sum of $350-400mln, the Deputy Chairman of the Managing Board of IBA Vagif Akbarov said.