Asian Development Bank Expands Cooperation with Azerbaijani Bank Sector
Azerbaijan, Baku / Trend corr I. Khalilova / The Asian Development Bank (ADB) intends to complete consultations with Azerbaijani banks on concrete projects by the end of August, according to the Acting Head of the ADB's Baku office, Philip Chang. "Negotiations with major banks are underway, and after its completion the names of the banks will be announced. Should the banks become interested and our strategies coincide, ADB's participation as a shareholder will be considered," Chang said.
As a result of implementation of the agreements, the amount of the portfolio of Azerbaijani bank sector will increase by the end of 2007 from $15mln to $120mln. ADB is actively working with Azerbaijani AzerigazBank, Bank Respublika, Azerbaijani Macrofinancing Bank within the framework of loans.