Credit-Guarantee Fund being established by KfW of Germany is launching its activities in Azerbaijan the best in a year, Trend reports with reference to the government.
The agreement regarding KfWs funding the new institution has been concluded August 14, 2006 at Azerbaijani-German intergovernmental conversations in Bonn. However, it is still left to sign a financial cooperation agreement between Azerbaijan and Germany, which is expected soon.
The time will also take involving the consultant to manage the fund and select banks. In neighbor countries such funds are managed by Saving-Bank Fund for International Cooperation (SBFIC), which is also a manager of German-Azerbaijani Fund (GAF).
At the initial stage, the funds volume will amount 2.3mln euro. Credit-Guarantee Fund is not limited in amount of involved credit links but at the initial stage this amount will not exceed 500k euro.