Azerbaijan’s Non-Banking Organization Intend to Receive License for Banking Activities

Business Materials 18 February 2008 15:10 (UTC +04:00)

Azerbaijan, Baku, 18 February /corr. Trend / Azerbaijan's non-banking credit organization Agrar-Kredit intends to appeal to the National Bank of Azerbaijan in 2008 to receive a license for banking activities, said the Chairman of Agrar-Kredit's Board, Mammad Musayev.

"The organization is currently undergoing work to receive a full banking license," Musayev said.

The European Bank for Reconstruction and Development (EBRD) is continuing its assessment of Agrar-Kredit with the aim of joining its shareholders. The EBRD intends to acquire 25% share in Agrar-Kredit.

"EBRD may join this year," he said.

The credit organization has already submitted 2005 and 2006 audit reports to the EBRD, which were prepared by KPMG at the end of last year.

Notably, "Agrar-Kredit" was founded by the following five stockholders: Azerbaijani Finance Ministry; Agriculture Ministry; State Melioration and Water Economy Committee; State Company "AzerSighorta"; and the Agency for Support of Private Agriculture (it has also worked with the Agriculture Ministry).