Resulting from the establishment of the Fund for Insurance of Physical Entities' Deposits, the National Bank of Azerbaijan and the German Bank for Development KfW have signed a memorandum. Natik Abdullayev, the head of the Baku office of KfW, informed Trend.
Talks were held as part of a visit from the KfW Manager for Fiscal Sector, Mikhael Iantzik, which began on 24 September. The growth of the Fund for Insurance of Deposits depends on the Law on Insurance of Physical Entities' Deposits. Abdullayev said that during the meeting at Parliament they promised to conclude discussions within two sessions by the end of 2006.
Upon completion of the procedure, the German bank intends to present an agreement to the Azerbaijani Government envisaging the approval of в'¬5mln. for the initial capitalization of the Fund and a в'¬1mln. for related work.