Finance

Home page

Finance

KfW: Launch of Azerbaijan Loan Guarantee Fund not delayed by financial crisis

13 February 2009 16:07 (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 to launch operation as soon as a foreign bank is found for cooperation.
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. I wouldnâ€™t say this process is slow because of the global financial crisis. It was not easy to find a foreign bank even before the crisis,â€ he added.
According to him, the Fund will launch operation as soon as a foreign bank is involved.
The Governments of Azerbaijan and Germany signed an agreement to set up the Loan Guarantee Fund in February, 2007.