ADB Increases Portfolio for Azerbaijani Banking

Business Materials 25 April 2008 21:04 (UTC +04:00)

Azerbaijan, Baku, 25 April / corr. Trend I. Khalilova/ The Asian Bank of Development is ready to increase financing for the banking sector in Azerbaijan up to $150-200mln from the previous $120mln, the Baku Office of the Bank reported. The financing is expected to be carried by the end of 2008.

At present, ADB has granted loans for the Azerbaijani banks worth $56mln. ADB plans to allocate additional resources for 5 banks that it cooperates with. The increase in the portfolio will be possible as a result of opening of credits for Standard Bank, Texnika Bank and International Bank of Azerbaijan and others.

ADB is becoming a key player on direct financing of banking sector in Azerbaijan. ADB has financed Bank Respublika, Bank of Baku, and Micro-Finance Bank of Azerbaijan and AGBank within program on support of small and medium business. Subordinate loans have been granted to International Bank of Azerbaijan and Bank Respublika.

The official exchange rate for 25 April is 0,8289 AZN/USD.

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