German-Azerbaijan Fund plans to expand list of graded banks in 2011

Business Materials 24 September 2010 15:26 (UTC +04:00)

Azerbaijan, Baku, September 24 / Trend N. Ismayilova /

The German-Azerbaijan Fund is planning to expand the number of partner-banks, subject to the status of graded banks in the summer of 2011, the fund technical manager Andreas Franke said.

This status excuses the representatives of the fund from participating in the Bank's Credit Committee when making decisions on operations at the expense of the fund. At present, Bank Respublika, Bank of Baku and partially UniBank (on small loans) are under the status of graded banks.

"Once this process starts, UniBank will be the first one. We also consider the possibility of granting such status to AGbank and Parabank", Frank said.

The partners of the fund are Bank of Baku and UniBank (since March 2001), since January 2003 - Parabank and Bank Respublika, since September 2004 - DemirBank (former Azerdemiryolbank) and AGbank, since December 2006 - Rabitabank and Mugan Bank, since February 2007 - Bank Nikoil

Today, the maximum limit for lump-sum loan from the fund is 2-2,5 million euros for each bank.

The agreement on the establishment of the fund was signed in 1999. But the credits were given in March 2001.

As of September 24, the official exchange rate is 0.8030 manat to $1.