Azerbaijan, Baku, April 28 / Trend, N. Ismayilova /
Asian Development Bank (ADB) intends to allocate at least $50 million to Azerbaijan within the trade funding program in 2010, ADB's Trade Finance and Private Sector Operations Department's head Stephen Beck said today.
"It is possible that this amount can be much more, and it is likely to increase the number of Azerbaijani banks involved in this program," Beck said.
According to him, it will be related with such factors as market demand, an analysis of banks' activities and acquaintance with the history of their activities.
In 2009, ADB allocated $1.9 billion within the trade funding program. More than 150 participant banks were involved in this program.
"In 2010, ADB intends to expand its activities and fully cover the Central Asian region. Substantial increase in the Bank's program of trade financing is expected," Beck said.
ADB has begun to implement TFFP in 2004. It expanded it to the current amount March 31, 2009, in response to the demand for support in trade financing. TFFP portfolio may be extended. The time of its execution has been delayed. The program can provide up to $15 billion in support for trade finance by the end of 2013.
An increasing number of Asian and international banks participating in the program, according to the expectations of the Asian Development Bank, will continue to increase during 2010.