KfW Finance Manager will visit Azerbaijan
Azerbaijan, Baku, Aug. 21 / Trend I.Khalilova /
The German bank KfW manager of finance projects in Azerbaijan, Gerald Huebner, will visit the country Sept.5-10 to review the implementation of projects in the financial sector of Azerbaijan, the KfW Baku office reported.
"Huebner will familiarize with the current state of projects in Azerbaijan and discuss their progress," the bank said.
Azerbaijan's cooperation with KfW began in 1994. The bank's strategic activities in the country are restoring power, water and other infrastructure and supporting the development of financial and banking sector, the private sector, health, environment, etc. The bank's portfolio in Azerbaijan reaches 200 million euros.
In addition to funding the agricultural sector, development of small and medium enterprises, KfW participates in the capital of Access Bank. A credit guarantee fund was created and investments were made in the capital of the Azerbaijani Population Deposit Insurance Fund with the financial support of the Germanic Bank.
Since the beginning of cooperation KfW preferred mainly confessional financing of the Azerbaijani projects (40 years with a grace period of 10 years and 0.75 percent per annum), but in recent years, the bank gives preference to mixed credits.
The banks opened the German Cooperation House in Tbilisi for service of the Transcaucasian in May 2009. In connection with this, the need for transformation of KfW Office in Azerbaijan into the Mission fell away, as the bank operations in the region will be carried out through this office.
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