The Asian Development Bank (ADB) is viewing the possibility on offering technical aid to Azerbaijani joint-stock bank, AzeriGazBank in specific aspects of its development.
Azer Movsumov, the Chairman of the Board of AzeriGazBank, informed Trend that the forthcoming assistance would be mainly within corporative management.
The Azerbaijani bank is already taking part in a project of the International Finance Corporation (IFC) on the development of corporative management in Azerbaijan. If ADB make a positive decision, international organizations in turn may jointly be keen to offer aid to Azerbaijan, stated Movsumov.
He does not link the ADB proposal of technical aid with future investments of the AzeriGazBank.
ADB has announced its intension to acquire 7.5% stock in the Azerbaijani bank. The deal was to take place in 2006, but was postponed for a later date. No reason was given for this change. Furthermore, ADB's involvement was predicted together with IFC, which had already become an AzeriGazBank stockholder, without receiving ADB's decision. Notably, IFC bought 17.5% stake in the capital of the Bank.
AzeriGazBank is Azerbaijan's only bank which has considered the ADB participation in the capital. However, negotiations on this issue are being held with other banks as well.