EBRD Board of Directors approved involvement in Azerbaijan’s bank capital

Business Materials 15 November 2005 18:24 (UTC +04:00)

The Board of Directors of the European Bank for Reconstruction and Development (EBRD) approved on 15 November acquisition of shares of the Azerbaijan’s commercial �Azerdemiryolbank’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 �voting authority’. The project’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.