Financial Projects Manager of KFW to Participate in Meeting of Observation Council of Azerbaijan Microfinance Bank
Azerbaijan, Baku / Trend corr I. Khalilova / The visit of the Financial Projects Manager of the German Development Bank of KWF, Michael Jainzig, to Azerbaijan will begin on 10 July, according to the head of Baku office of the KFW, Natig Abdullayev. The main purpose of the visit is to participate in the meeting of the Observation Council of Azerbaijan Microfinance Bank. Jainzig has been acting Chairman of the Council since 2006.
Stocks of the KFW in the Microfinance Bank make up 24.95%. Other stockholders of the Azerbaijani Bank are the Black Sea Trade and Development Bank and the International Finance Corporation, with each of them owing 25.55% of the stocks, the European Bank for Reconstruction and Development 18.7%, Access Microfinance Holding 9.95%, and LfC 5.69%.
The authorized capital of Azerbaijan Microfinance Bank makes up €11mln.