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EBRD Looking for Ways to Gain Azerbaijan's Interest toward Its Credits

Business Materials 18 November 2006 11:17 (UTC +04:00)

EBRD (European Bank for Reconstruction and Development) is about to launch the development of a new strategy of its activity in Azerbaijan for the next few years, Trend reports,

Raymond Convey, Head of EBRD Baku, said that the period and directions of the coverage of the new strategy have not been determined yet. Due to large oil revenues, the interest of the Azerbaijani Government has decreased.

At present, we are thinking how we could gain Azerbaijan's interest to our credits again. We are trying to persuade the Government that EBRD will follow the purposeful use of its credits despite of the fact that the credits are expensive. As a result, EBRD attains more trust than other banks which pay less attention to such facts, said Mr. Convey.

EBRD intends to work out a new strategy for the country within the first six months of 2007. At present, the Bank is negotiating with some of its clients in different directions on granting a number of credits to them.

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