The Board of Directors of the European Bank for Reconstruction and Development (EBRD) approved on 15 November acquisition of shares of the AzerbaijanвЂ™s commercial вЂ�AzerdemiryolbankвЂ™s bank, the Azerdemiryolbank told Trend.
According to the EBRD official statement, the project implementation supposes acquisition of 25%+1 shares of the bank and the вЂ�voting authorityвЂ™. The projectвЂ™s cost is some $2,5 million.
According to EBRD data, Azerdemiryolbank is for the moment the bank, which by the 2004 auditing results had $29 million assets and $5,7 million capital.
The project implementation envisions also technical assistance by the European Union TACIS program for intensification of the small and medium-size enterprises crediting process.