Asian Development Bank to assess prospects of new financing for Azerbaijani banks in April
Baku, Fineko/abc.az. Asian Development Bank (ADB) is ready to resume financing of Azerbaijani banks.
Head of ADBs Baku office Olli Norojono has stated that Asian Banks mission may arrive in Baku in April to prepare for provision of new financing for Azerbaijani banks.
" The mission will carry out assessment of cooperation prospects with Azerbaijan financial center, discuss possibilities for use of new financial instruments with local banks. Under preliminary assessments, at present there are great prospects to expand ADBs cooperation with local banks",- O. Norojono said.
Azerbaijani banks which borrowed funds from ADB have fully redeemed their obligations.
Full redemption is condition for provision of new loans to Azerbaijani banks within earlier fixed limit.
International Bank of Azerbaijan (main borrower with $40 million), AGBank, AccessBank, Bank Respublika and Bank of Baku have borrowed funds for about totally $70 million from ADB. Only Bank of Baku has to make the last payment. The other banks have already fulfilled their obligations. At the same time cooperation with local banks on trade financing program never stopped.
AGBank, AccessBank, Bank Respublika, Bank of Baku and DemirBank cooperate with the bank on this program.
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