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ADB Negotiating with Azerbaijan’s Banking Sector

Business Materials 16 August 2007 17:00 (UTC +04:00)

Azerbaijan, Baku / Trend corr I. Khalilova / The Asian Development Bank (ADB) is negotiating with four Azerbaijani banks on the possibility of opening a credit line within the framework of a portfolio expansion of Azerbaijan's banking sector from $15mln to $120mln by the end of 2007, according to the Baku representative office of the ADB.

Last week, the management of the ADB approved the opening of a $2mln credit line for trade financing by Azerbaijan Microfinancing Bank, making it the second credit line for the Microfinancing Bank. Last year the ADB allotted $4mln to the bank for financing micro-businesses in Azerbaijan for four and a half years.

The ADB is actively cooperating with the Azerbaijani AzerigazBank and Bank Respublika within the framework of credit lines. The representative office of the bank did not exclude the possibility of further financing of the banks in the case that they are interested.

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