Azerbaijan, Baku, May 18 / Trend , I.Khalilova/
The German Development Bank KfW has formed the German Cooperation House in Tbilisi to serve the Caucasus region. Its official opening took place on May 1, the bank's Baku Office Natiq Abdullayev said on May 18.
"With the opening of this house eliminated necessity to transform KfW office in Azerbaijan into the representation, because the bank will regulate operations in the region through the Tbilisi House of cooperation," Abdullayev said.
The cooperation of Azerbaijan with the German Development Bank KfW began in 1994. Strategic directions of the bank in the country are restoring power, water and other infrastructure to support the development of financial and banking sector, the private sector, health, environment, etc. Portfolio in Azerbaijan is €187 million at the moment.
Since the beginning of cooperation, KfW preferred mainly concessional financing of projects of Azerbaijan (40 years with a grace period of 10 years and 0.75 percent per annum), but the bank prefers a mixed credit lately.
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