Azerbaijan, Baku, 10 April / Trend corr I. Khalilova/ Next week, the expert of German Development Bank KfW will arrive in Baku to design the agreement on allocation of a grant in the sum of €1mln for providing consultations to the Azerbaijan Deposit Insurance Fund (ADIF), the ADIF Managing Director Azad Javadov said. The agreement is expected to be signed by May.
However, KfW consultants from the German Global Banking Development Solution have already commenced designing of a 3-year plan of arrangements on institutional development of the fund.
According to Javadov, KfW also agreed to allocate a credit of €5mln for capitalization of ADIF and presently the draft agreement is being considered at the German Government. The funds may be allotted by the end of 2008.
After receiving the funds, ADIF will have AZN 10mln, including the revenues from banks.
ADIF, uniting 37 banks of the 46 operating in Azerbaijan, commenced its operation on 13 August 2007.
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