KFW Vice President in Baku

Business Materials 26 February 2007 15:44 (UTC +04:00)

Azerabaijan , Baku / corr . Trend I.Khalilova/ Doris Kern, KFW German Development Bank's vice president, paid a visit to Azerbaijan today. The visit intends getting familiar with the current KWF financed projects situation.

Mr. Kern also plans to visit Azerbaijan 's micro financing bank's Sumgait branch opening ceremony. KFW holds a 24,95% share in the bank. Credit agreement signing is on the agenda for AzGRES-Imishli electric transmission lines construction. At present, the government is working on the credit agreement. The German side will sign the agreement during the visit in case the Azerbaijani side receives signing authority. As the cabinet ministers received the project document on Friday, the government believed it was impossible to get the authority. The bank granted €30 mln for financing the project. Mr. Kern's visit will last until 2 March.