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Azerbaijan Credit Guarantee Fund may launch operation at the year-end

Azerbaijan Credit Guarantee Fund may launch operation at the year-end

27 September 2008 10:51 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. The establishment of a Credit Guarantee Fund may be completed by the Government of Azerbaijan and German Development Bank (KfW) at the end of 2008.
KfW Officer in Baku Natig Abdullayev said the German bank, as consultant, has fulfilled all the undertakings and the rest depends on the government of Azerbaijan.
â€œAnother foreign bank will be involved in the establishment of the Fund. The Fund is likely to launch operation by the end of this year,â€ he added.
The Governments of Azerbaijan and Germany signed an agreement to set up the Credit Guarantee Fund in February, 2007. KfW is expected to allocate a â‚¬4 million loan for the initial capitalization.

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