KfW Launches Negotiations with Authorized Credit Organizations

Azerbaijan, Baku, 28 April / Trend corr I. Khalilova/ German Development Bank KfW has started discussing with Azerbaijani authorized bank organizations, involved in the project on Agrofinancing of rural areas costing 5mln euro, the initial terms of credits allocation, Natig Abdullayev, head of KfW Baku Office, said on 28 April.

KfW selected two Azerbaijani banks and one non-bank credit organization through which it plans to implement agrofinancing. The names of the banks and the non-bank credit organization will be divulged after completion of the coordination of credit agreements, which will be signed within the first half of 2008.

The German bank plans to allot subordinated credits. Though such credits are referred to the second level capital, the funds will be intended for crediting rural population.

Sheki-Zagatala and Gakh rural areas will be covered in the first stage.

Terms of the credits will be similar to those of bank financing through German-Azerbaijani Fund.

The correspondent can be contacted at: [email protected]

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