International Financial Corporation Expands Consultative Assistance in Azerbaijan’s Leasing Sector
Azerbaijan, Baku / Trend corr. I.Khalilova / Teymur Heybatov, the head of the project of technical assistance of the International Financial Corporation (IFC) at the Fund of Financing Leasing in Azerbaijan and Central Asia, stated that the IFC is expanding the number of leasing companies in Azerbaijan. Although the main function of the project is based on technical assistance of the Uni Leasing, AG Leasing, and Bank of Baku, consultations have been held and with other leasing companies, Heybatov noted.
The project rendered consultative assistance to Azdamiryolbank, which established the Department on leasing in 2007. The work will begin in the Joint Leasing Company in August, which enters into the group of the International Bank of Azerbaijan. The projects began in 2004 and will be prolonged until 2008.
Within the framework of this program, a special fund with $30mln has been formed in the International Bank of Azerbaijan, the budget of which have been intended for financing leasing services to small- and medium-sized companies or banks in Azerbaijan and Central Asia. The first credit line was opened for Uni Leasing in the amount of $5mln.