ADB mission in Baku

Business Materials 21 October 2005 15:04 (UTC +04:00)

A mission of the Asian Bank for Development (ADB) headed by Klaus Filsinger, senior specialist on finances, is in Baku the Baku office of the ADB told Trend the mission was involved in the development of a program on direct cooperation with the subjects of the financial sector of Azerbaijan under the memorandum on ADB projects in private sector.

"The fact-finding mission on the program was paid in July, while the current mission is involved in appraisal of the state of sector and review of potential partners, as well as perspective of development, which is taken as base for defining the amount of financing and circle of partners. The program, which will be directed at partnership with the banks and leasing companies, will comprise 4 major components: trade financing (credits for development of small and medium-scale business, support to documentary activities), technical assistance, support to leasing activities, acquisition of a stake in the capital. The program is expected to get approval at the Board of Directors of the ADB in the first quarter of 2006. This year the bank is probable to achieve a share in the capital of the Azerbaijani financial bodies,” the same source said. The efficiency term of the program is 20 years.

The ADB mission is holding consultations with the National Bank of Azerbaijan, the Association of Leasing Companies, banks and leasing companies.