Bank Respublika and Azerigazbank joined ADB's trade financing program
Today Asian Development Bank signed with Bank Respublika and Azerigazbank credit agreements for trade operations financing. Trend reports these became the first private-owned banks in the country to have been opened credit links upon Azerbaijans joining ADBs trade financing promotion program (TFFP). Each of the banks received $4mln, from which $3.5mln are purposed for trade financing and $0.5mln for revolving crediting.
On behalf of the banks the agreement was signed by bankers Hadija Hasanova and Azer Movsumov, and of ADB country economist Philip Chang.
Mr Chang said though this program ADB is partially undertaking unprotected commercial risks of payer-banks, as well as political risks of the countries banks are operating in. В"These credit links will enable importers and exporters attract cheap financial resources to sponsor trading operations and boost trade and private sector in Azerbaijans non-oil sectorВ", - ADB expert said.
ADBs program has been in effect since May 2004 and involved 21 bank of 12 developing countries within ADB.