Baku, Azerbaijan, Feb. 20
By Azad Hasanli - Trend:
The new manager for financial projects in the German development bank KfW Judith Böhnke will be introduced to the Azerbaijani government in May, the bank's Baku office told Trend Feb. 20.
Kurt Strasser has been in charge of the financial projects in Azerbaijan since late 2011.
"According to the KfW procedures, the managers are elected for two or three years," the bank's office said. "In this regard, a new manager was appointed for Azerbaijan in early 2015. He will visit Baku in May."
Azerbaijan's cooperation with KfW began in 1994. The strategic directions of the bank's activity include restoration of energy, water and other infrastructures, supporting the development of the financial and banking sectors, the private sector, healthcare systems, environment, etc.
KfW's total portfolio on Azerbaijan is 594 million euros.
KfW has mainly given preference to the concessional financing of Azerbaijani projects since the beginning of the cooperation (40 years with a grace period of 10 years and 0.75 percent per annum).
But the bank has recently passed to lending on mixed conditions.
KfW Group delivers loans, equity investments and guarantees, as well as renders technical assistance.
At present, among the partners of this financial institution are six private banks, two micro-finance organizations, four funds for investments in Azerbaijan and four state institutions.
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Edited by CN