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Asian Development Bank Prepares to Open Second Credit Line for Azerbaijani Bank Respublika

Business Materials 23 August 2007 13:24 (UTC +04:00)

Azerbaijan, Baku /corr. Trend I.Khalilova / Azerbaijan's stock-commercial Bank Respublika commenced talks with the Asian Development Bank (ADB) regarding the opening of a $10mln credit line to the Azerbaijani bank, a source stated in Bank Respublika.

"After conclusion of the deal, credit lines may be opened to the bank within two months," the same source stated. It will be ADB's second credit line for Bank Respublika. The first $5mln line was opened at the beginning of 2007 and it has already been used. The credit was envisaged for commercial financing and development of small and medium entrepreneurship.

ADB activated talks with the Azerbaijani banks in connection with plans to expand the credit portfolio form the banking sector of Azerbaijan from the current $17mln to $120mln by the end of 2007. Last week the ADB approved the second $2mln commercial financing credit for the Micro Finance Bank of Azerbaijan. Currently talks are held with four more Azerbaijani banks regarding opening credit lines.

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