Millikart’s Board of Directors Holds Meeting
Azerbaijan, Baku / Trend corr I. Khalilova / Jalal Orujev, the active director of the Millikart processing centre, reported that a regular meeting of the Board of Directors of the Millikart joint stock company was held on 1 May.
Topics discussed at the meeting included the expenditure of the centre during the recent period. "The Board evaluated the development of Millikart and declined the necessity to reconsider the budget," Orujev said.
The agenda at the previous meeting included the adjustment of the 2007 budget of the processing centre due to an increase in electric energy tariffs. However, a decision on the matter was not made. The budget of the Millikart for 2007 was passed at AZN 500,000.
The Millikart installs POS-terminals for banks. The company installs 5-10 terminals on a daily basis. The process is connected with the implementation of the Program to Improve the Payment Systems in Azerbaijan and the arrangements aimed at the transfer of trade and service enterprises to a cashless account.
According to the 2007 business plan, "Millikart"plans to achieve full self-repayment and close the year with a zero balance, but receiving initial revenues is planned from 2008. However, depending on the activity, the first revenues may be obtained from this year. The National Bank of Azerbaijan (NBA) has signed a constituent agreement on passing the centre to the management with 18 banks.
"Millikart" was established on 14 June, 2006. The founders of the centre are Atabank, AzerDamirYolBank, AzerTurkBank, Bank of Baku, CIBank DebutBank, AmrahBank, KhlgBank, KredoBank, Microfinancing Bank of Azerbaijan, ParaBank, RabitaBank, RespublikaBank, Bank Standard, TekhnikaBank, TuranBank, UniBank and ZaminBank.