Asian Bank of Development to Treble Portfolio on Azerbaijan
Azerbaijan, Baku / Trend corr. I.Khalilova / Fillip Chang, the acting head of Baku representative of the Asian Bank of Development (ABD), has stated that ABD announced its plans to increase its portfolio on Azerbaijan by three times by the end of 2007.
According to Chang, the portfolio on the bank sector increased from $15mln to $120mln. Presently, negotiations with large Azerbaijani banks to open credit lines have been held. Increasing the portfolio of the State sector involves credit resources of $500mln within the framework of the agreement with Multitranche Financing Facility (MFF) for the transport sector of the country.
Currently, the portfolio on projects under the State guarantee was formed with $104mln.
ABD is set to be the partner of the Azerbaijan investment company and to provide assistance in the diversification of the Azerbaijani economy, particularly in the oil sector.