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In the News

ADB ready to expand cooperation with Azerbaijani banks


January 06, 2014

By Aynur Jafarova

The Manila-based Asian Development Bank (ADB) is ready to expand the list of Azerbaijani banks for future cooperation within the credit lines with the aim of supporting small and middle business and operations on trade financing.

The list includes six banks, particularly the International Bank of Azerbaijan, Accessbank, AGBank, Bank of Baku, DemirBank, and Bank Respublika at present, head of ADB's Baku office Olly Norojono told Trend news agency on January 4.

"The total volume of credit lines, open for the county's bank sector, amounted to $40 million in 2013, and it was repaid to the ADB," he said.

Norojono went on to note that the ADB allocated a $50 million loan to Accessbank for a term of five years. This step was aimed at supporting micro, small, and medium business in rural areas where the bank has created a branching network covering most of Azerbaijani regions.

This credit is a platform for cooperation with Accessbank for improving the financial ensurance of Azerbaijan's rural regions and development of such business in Central Asia where AccessHolding, one of the founders of Accessbank, has left its mark.

Norojono also said the ADB has no plans for participating in the banks' shareholding structure.

The ADB started to actively finance Azerbaijani banks for supporting the development of the private sector in 2007.

Established in 1966, the ADB is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. The bank is owned by 67 members, including 48 from the region. In 2012, ADB's assistance totaled $21.6 billion, including co-financing $8.3 billion.

Azerbaijan's share in the bank's capital is 0.5 percent.

The ADB plans to allocate around $500 million for state projects in Azerbaijan in the next three years.

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