A financial projects mission in Azerbaijan is scheduled to take place in September by the German Bank for Reconstruction, KFW. The head of the Baku Office of KFW, Natik Abdullayev, said that the delegation of the bank will visit to conduct an annual monitoring of the activities of the German-Azerbaijani Foundation (GAF).
The Chairman of the bank will also participate in a meeting of shareholders of the Azerbaijani Micro-Financing Bank (AMFB), where KFW holds 24.96% ($1,710m) of the stock. The meeting will be held in Baku in the last week of September.
In accordance with the rotation schedule, the Chairman of the Observation Board of the AMFB is Mark Schvidt of KFW but this is subject to change Abdullayev stressed.
During their visit the KFW mission plans to conduct discussions on the approval of the third в'¬20m.installment for GAF for the development of small and medium-scale businesses in Azerbaijan. The Government is also considering other opportunities should they not be successful in obtaining the credit. In this respect further activities of the GAF will be considered.
Since 1999 the German bank allocated GAF two installments of в'¬8.7m. This money has been spent and at present financing of the banks is carried out at the expense of the Revolver Account.
From 2001 partners of GAF consisted of the Bank of Baku and UniBank, while Parabank and Bank Respublika became partners in January 2003, and Azerdemiryolbank and Azerigasbank in September 2004.