Asian Bank plans to Specify Perspectives of Further Cooperation with Azerbaijani Bank in 2008

Business Materials 17 December 2007 17:16 (UTC +04:00)

Azerbaijan, Baku / corr Trend I.Khalilova / The Asian Development Bank (ADB) plans to continue consultations with the International Bank of Azerbaijan (IBA) to specify the cooperation on program in January, William Williams, the head of department of finances and capital market of the Division on operations in private sector of the ADB said.

"We consider that we will determine definite way for use of the loan, approved for IBA," William said.

The ADB approved for IBA a $40mln loan. The first $20mln deal was signed last week, though the rest amount can be allocated to IBA should the bank's needs increase and the situation changes.

The ADB is prepared to Part direct part of the loan for the realization of other unique projects with IBA. The Asian Bank valued IBA as potential bank and is interested in cooperation with the bank. IBA's plans include introduction of more unique bank products, which will enable the bank to strengthen its activity and keep leading position.