The German-Azerbaijani Fund (GAF) has selected a further two Azerbaijani banks as its partner. Increasing the number of GAF partner banks from six to eight, Trend reports quoting the Fund. New partner banks are Muganbank and Rabitabank.
The partners of GAF are Bank of Baku and UniBank from March 2001, Parabank and Bank Respublika from January 2003, and Azerdemiryolbank and Azerigazbank from September 2004. New banks will be consulted by the GAF within the European Bank for Reconstruction and Development's program Azeri Multi Finance Bank Facility вЂ" Micro Small Enterprises.
GAF's future plans include strengthening the activities in the regions of the country. There will be no problems to develop the activities in the regions because the GAF partner banks have 65 branches in 16 regions. Presently 65% of the credits are located in Baku and 14% in Beylagan.
The financing of the Fund is carried out at the expense of the credit of the German Reconstruction Bank KWF.