Visit of KfW First Vice President to Azerbaijan Concludes

Business Materials 1 March 2007 16:12 (UTC +04:00)

Azerbaijan, Baku / corr. Trend I.Khalilova / According to the information provided by the National Bank of Azerbaijan (NBA), a meeting was held in NBA with the delegation headed by the First Vice President of German Development Bank KfW, Doris Ken. During the meeting, the Chairman of the NBA Executive Board, Elman Rustamov, informed on the projects implemented in Azerbaijan through the financial support of German Bank and exchange of views was held on prospects of co-operation with KfW.

A Fund for Insurance of Deposits of Physical Persons and Fund for Guarantee of Credits are planned to be created in Azerbaijan through the assistance of the German Bank.

It was stated at the meeting between the delegation and Minister of Economic Development of Azerbaijan, Heydar Babayev, that the operations in agriculture and communal sector have increased.

Doris Ken has been in Azerbaijan since 25 February and the visit will conclude on 1 March. on March 1, Doris Ken visited Sumgait branch of Azerbaijan Micro-Finance Bank, in which KfW is one of the stockholders. Over the period of co-operation with Azerbaijan, the Bank has granted more than €144 mln.