Azerbaijani Association of Leasing Companies to Discuss Prospects of Future Cooperation in Leasing Sector with Asian Bank of Development
Azerbaijan, Baku / Trend corr. I.Khalilova / Fillip Chang, the acting Manager of the Baku office of the Asian Bank of Development (ABD), stated that ABD began consultations with Azerbaijani leasing companies regarding future cooperation.
Azar Mammadov, the President of the Association of Leasing Ccompanies of Azerbaijan, stated on 8 August that the meeting will be held to discuss the prospects of cooperation in the leasing sector in the near future.
The financing of the leasing sector will be implemented within the framework of the project of ABD in support of Azerbaijan's private sector. Preliminary meetings with companies and banks engaged in leasing were held in 2006.
In past, the Association of Leasing Companies of Azerbaijan planned to propose to the ABD the notion of forming a Fund to support leasing companies and their participation in other projects linked with investment.
The total budget assigned to the private sector, makes up $15mln. The project was approved at the Council of Boards in March 2006.
Credit lines nave been opened in Azerigazbank, Bank Respublika, and Azerbaijani Bank of Micro Financing within the framework of the project. Chang stated that the volume of financing will be increased by $120mln by the end of 2007.