KfW to Send its Second Consultant to Azerbaijani to Fund for Community Deposits Insurance
Azerbaijan, Baku / Trend corr. I.Khalilova / Natik Abdullayev, the manager of the Baku office of the German Bank of Development KfW, stated on 1 August that KfW would send to Azerbaijan the second consultant for the Fund for Community Deposits Insurance within a week. The consultant will assist to develop documents necessary for operating of the Fund.
The first consultant was sent in July. He got familiarized with the documents developed by the Supervisor Council of the Fund and submitted his recommendations.
KfW declared that the bank was ready to allocate € 5mln credits to the Fund about €1mln for accompanying measures. KfW stated that it would allocate the budget after signing an agreement with the Azerbaijani Government. The Fund for Community Deposits Insurance passed the state registration and will commence functioning from August. The Fund will be formed by entrance and calendar fee of bank-members. The single payments of banks comprise to AZN10, 000, calendar payments -0.15%. The calendar payment will be decreased by 0,125% in future. In compliance with the law on 'Insurance of Deposits' payments on AZN 4,000 will be reimbursed by 1 January 2008, and from 1 January 2008 to 1 January 2010 - AZN 6,000, while from 2010 - AZN 8,000.