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ADB resumes trade finance through Azerbaijani banks

Business Materials 24 November 2011 16:28 (UTC +04:00)
The Asian Development Bank (ADB) plans to provide credit lines for trade finance through two Azerbaijani banks, Olli Noroyono, ADB country representative in Azerbaijan told Trend on Wednesday.

Azerbaijan, Baku, Nov.23 / Trend, N.Ismayilova /

The Asian Development Bank (ADB) plans to provide credit lines for trade finance through two Azerbaijani banks, Olli Noroyono, ADB country representative in Azerbaijan told Trend on Wednesday.

"We intend to intensify our activity in this direction in 2012. Negotiations are already underway with two local banks, and we intend to provide them with credit lines for trade finance in early February 2012," he said.

In April 2010, ADB signed contracts with five Azerbaijani banks (Access Bank, Azerigazbank, Bank of Baku, DemirBank and Bank Respublika) under the expansion of trade financing.

During the period from 2006 to 2008 agreements were signed with four Azerbaijani banks - Access Bank, AGBank, Bank of Baku and Bank Respublika within the TFFP, for which $ 10 million-funding was opened.

ADB launched the TFFP in 2004.

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