Azerbaijan, Baku / Trend corr. I.Khalilova / A manager specializing in financial projects in the German Bank of Development Michael Yaintsik is visiting Azerbaijan on 4 December.
It is expected the names of banks and non-banks organizations which are attracted to participate in the project on agrarian financing of the countryside in Azerbaijani with € 5mln is to be announced, Natig Abdullayev, the head of KfW Baku office, said. Credit agreements are also expected to be finalized during the visit. KfW is ready to allocate loans through the bank system. Yaintsik will hold meetings with the banks and credit organizations which are involved in the project, Abdullayev said. First we must submit the document for consideration and later we plan to sign them.
Under the examinations held by consultants in 2006 Shaki and Lankaran, as well as the countryside in Ganja City of Azerbaijan. Shaki-Zagatala and Gakh rural were examined. The first stage of the project covers those regions.
There are plans to allocate first loans by the summer 2008, the Vice President of KfW on Europe and Caucasus Roland Siller said.
Different financial institutions will be chosen by KfW to subordinate credits. "We start with a small sum and even are planning to work with institutions from the non-banking sector and NGOs which have experience in this area," Siller said.
Only one bank in Azerbaijan demonstrated an interest to function in the country.