ADB sees potential for lending to financial sector of Azerbaijan
Azerbaijan, Baku, March 15 /Trend A.Akhundov/
The situation in the financial sector in Azerbaijan allows the Asian Development Bank (ADB) to renew funding for projects in this area, ADB representative in Azerbaijan Ollie Noroyono told reporters on Thursday.
"We see the potential to provide new loans to local commercial banks," Noroyono said.
Noroyono said the ADB mission's visit has been postponed. "There are some delays with the visit of this mission; it is expected to arrive in April. We hope that the mission will make a positive evaluation," Noroyono said.
ADB will provide credit trade finance lines for two Azerbaijani banks, Noroyono told Trend previously "We intend to intensify the activity in this direction in 2012. We
have negotiated with two local banks, and we intend to give them the credit line for trade finance in early February 2012," Noroyono said. 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). Four Azerbaijani banks - Access Bank, Azerigazbank, Bank of Baku and
Bank Respublika - signed agreements under the TFFP between 2006 and 2008 but no banks from either Mongolia or Uzbekistan are participating in the program.