EBRD Can Establish A Bank: Azerbaijani Minister

Business Materials 4 September 2008 18:35 (UTC +04:00)

Azerbaijan,Baku,4 September /corr. Trend U.Ismayilova / "Banking sector needs strong and reliable strategic investors, such as the European Bank for Reconstruction and Development, Heydar Babayev, the Minister of Economic Development, said.

"EBRD can establish a bank, which can compete with huge banks, including the Capital Bank and the International Bank [of Azerbaijan]," the Minister said on 4 September.

According to Babayev, reforms and changes are necessary in the banking sector of Azerbaijan.

EBRD collaborates with several banks, at the same time allocates loan.

Forty-five banks function in Azerbaijan.

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