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Azerbaijan Loan Guarantee Fund may soon launch operation

Azerbaijan Loan Guarantee Fund may soon launch operation

13 January 2009 14:24 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. The Loan Guarantee Fund, jointly established by the Government of Azerbaijan and German Development Bank (KfW), is likely to launch operation in the near future.
KfW Officer in Baku Natig Abdullayev said the launch of the operation depends on the foreign banksâ€™ urge to cooperate with Azerbaijan-based banks.
â€œConsultants are negotiating on the involvement of foreign banks in Azerbaijanâ€™s banking sector. This process is slow because of the global financial crisis. The Fund will launch operation as soon as a foreign bank is involved,â€ he added.
The Governments of Azerbaijan and Germany signed an agreement to set up the Loan Guarantee Fund in February, 2007.

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