...

Azerbaijan to Participate in Annual Meeting of Asian Bank of Development

Business Materials 31 March 2008 12:33 (UTC +04:00)

Azerbaijan, Baku, 31 March / Trend corr. I.Khalilova / From 3 to 6 May, the annual meeting of Directors Council of Asian Bank of Development (ABD) will be held in Madrid, the Azerbaijani Ministry of Economic Development reported. Heydar Babayev, the Minister of Economic Development, is the director from Azerbaijan in ABD. Babayev is expected to meet with Haruhiko Kuroda, Bank President and other high ranking members.

The strategy of cooperation between the bank and Azerbaijan will be conferred during the meeting. The total portfolio of invested projects of the bank in the country made up $104mln, till September 2007. The bank has financed about three projects since the beginning of its cooperation with the country. However, the portfolio was increased to $604mln to finance the transport projects of Multitranche Financing Facility (MFF), with cost of $500mln.

ABD has become the main player in financing the banking sector in Azerbaijan. Today, ABD has approved credit lines for Azerbaijani banks in the sum of $35mln. In summer 2007, the bank stated to expand the portfolio of bank sector of Azerbaijan to $120mln.

ABD was set up in 1966 and has 67 members. Bank's headquarters is located in Manila, Philippine. On 22 December 1999, Azerbaijan became the member of the Bank with 0.5% shares.

ABD's leading shareholders are Japan and United States (31.2%), India and China (12.8%), Australia, South Korea and Canada (16%) and others.

The correspondent can be contacted at: [email protected]

Latest

Latest