Azerbaijani banks complete repaying ADB credit lines

Business Materials 23 January 2012 18:46 (UTC +04:00)

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

Azerbaijani banks complete the process of repaying the credit lines received from the Asian Development Bank (ADB), the head of ADB's representative office Ollie Noroyono told media.

"ADB provided four Azerbaijani banks with financing," he said. "Three of them completed making payments on credit lines. The International Bank of Azerbaijan is among them. About $ 40 million was delivered to this bank."

AccessBank, Bank Respublika also paid the credit lines. Bank of Baku ends the process of repaying the credit lines. It should make a final payment, the ADB official said.

ADB launched the active financing to support the private sector development in 2007, by approving three loans totaling $ 56 million for a number of leading banks in the country. For example, a loan worth $6 million was allocated to Bank of Baku to improve the access to finance small and medium enterprises, $10 million - Bank Republika, as well as a subordinated loan worth $ 40 million - the International Bank of Azerbaijan.

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

"The bank will continue its cooperation with Azerbaijani banks through trade financing," he said. "We expect to achieve new success in this area in February this year."