KWF to increase investments in Black Sea region by 500 mln euros over 2 years

Business Materials 12 June 2006 14:58 (UTC +04:00)

The German reconstruction bank (KWV) is planning to increase the investments in the countries of the Black Sea region by 500 mln euros up to 2008, Trend reports with reference to Oscar Von Maltzan, regional director of the bank.

According to him, 1,3 billion euro have already been invested into the region, of which 285 mln euros are directed to the financial sector. 500 mln euros out of the finance planned for the next two years are intended to be disbursed to the financial sector. This finance will be refereed to the development of small and medium enterprises. In particular, the bank is planning to support the export projects, told Maltzan.

He remembered the successful realization of the micro-finance project of Azerbaijan micro-finance bank through other international financial institutions. We are ready to participate at the future restructuring of this bank, stressed Maltzan.

KWV provides the financial sector of Azerbaijan with the service and 6 partner-bank assist in developing the small and medium enterprises, and in future, open credit lines will be offered in participation in the capital of the bank and presentation of trainings.

KWF is going to participate at the countries of the Black Sea basin. Although Turkey has been the key partner of the bank in the region up to now and 50 percent out of 1,3 billion euros were invested into this country, in the long-term prospects, the investments to Turkey will be decreased and directed to Caucasus.