Azerbaijan, Baku, Feb. 6 / Trend , N.Ismayilova/
The European Bank for Reconstruction and Development (EBRD) will render technical assistance of $320,000 to Azerbaijani Milli Kart Limited Liability Company (LLC), EBRD Baku Office head Francis Delaey said on Feb. 6.
"The funds will enable Milli Kart to implement its organizing development plan," he said.
EBRD is rendering technical assistance to the processing center as it purchased a 10-percent-share in Milli Kart authorized capital.
The EBRD will become a founder of the Azerbaijani Milli Kart Limited Liability Company (LLC) after the center undergoes an expert analysis and international financial audit. The expertise will be held by OMNI by April, Milli Kart Executive Director Jalal Orujov said.
Baker and Tilly will audit Milli Kart's 2007 and 2008 activities.
"Milli Kart is a young dynamic company. Milli Kart offers clearing and calculation services to credit and debit cards issued by local banks. EBRD investments will consolidate company's initial capital, support its further development and improve its effectiveness," said Delaey.
Eurobank will join Milli Kart by increasing the organization's authorized capital in the second quarter of 2009. The capital will increase from 4 to 5 million manat, Orujov said.
Milli Kart's acting founders can partake in recapitalizing their shares. But the head of the center refused to specify the banks' plans.
Milli Kart was founded June 14, 2006 after 18 local business banks purchased the processing center from the National Bank of Azerbaijan.
The minimum possible number of bank shares in the center's capital is one percent and the maximum - 10 percent.
Milli Kart founders are: Atabank, Azerdemiryolbank, AzerTurkbank, Bank of Baku, Azerbaijan Senayye Bankasi, Debutbank, Amrahbank, Khalg Bank, Credo Bank, Access Bank, ParaBank, RabitaBank, Bank Respublika, Bank Standard, Tekhnika Bank, Turan Bank, UniBank and Zamin Bank.
On Feb. 6, the official exchange rate is 0.808 manat to $1.
Do you have any feedback? Contact our journalist at [email protected]