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ADB to sign TFP loan agreements with Bank of Baku and Microfinance Bank of Azerbaijan

10 October 2007 10:18 (UTC +04:00)

Asian Development Bank (ADB) is to sign loan agreements with Bank of Baku and Microfinance Bank of Azerbaijan on the Trade Facilitation Project (TFP).
The ADB Office in Baku said $2 million unlimited loans will be extended to the both banks to finance the Trade Facilitation Project. The agreements are likely to be signed in October.
On October 5, the Asian Development Bank and Bank of Baku signed a $6 million loan agreement that will be available $4 million in dollar with five-year maturity and 2 million equivalent in Azerbaijan new manats (AZN) with 2-year maturity period.
One of the first commercial banks in Azerbaijan, Bank of Baku was registered on 14 February, 1994 originally under the name of Tugay Bank. The key founder of BOB was the Turkish company Nab DÄ±ÅŸ Ticaret. On 10 February 1997, Bank of Bakuâ€™s name was changed to Bank of Baku and it was reregistered as a joint stock commercial bank in August 1997.
Microfinance Bank of Azerbaijan with 100% foreign capital is owned by six shareholders: European Bank of Reconstruction and Development, the International Finance Corporation, the Black Sea Trade and Development Bank, KfW Development Bank â€“ the German Development Bank of the German Government, and LFS Financial Systems GmbHâ€“ a German and AccessHolding. /APA-Economics/