On October 27, German-Azerbaijani Fund (GAF) announced the plans to expand its activities, Trend reports. According to the Director of the Fund Andreas Frank, GAF plans to increase the number of partner-banks from 6 to 9. The partner-banks of GAF are Bank of Baku and UniBank (from March 2001), Parabank and Bank Resbublika (from January 2003) and Azerdemiryolbank and Azerigazbank (from September 2004).
In the future, GAF will expand its activities into the regions of the country. There will be no problem with the regional development because today the partner-banks of GAF have 65 branches in 16 regions.
At present, 65% of the allocated credits are located in Baku and 14% in Beylagan. Earlier, 95% of credits were located in the capital.
The number of issued credits equals 8,500. According to the structure portfolio of GAF less than 10% of finances are directed towards production and service spheres, 77% - trade sector, and more than 10% - agriculture.
The financing of the fund is realized through the German Reconstruction Bank KFW. Since 1999, the Bank has presented в'¬8.7 mln to the Fund with two tranches. The allocated finances have already been used and presently the financing of the local banks are realized through revolver account. According to Frank, the remaining portfolio of the Fund in region amounts to в'¬19-20 mln.