OREANDA-NEWS. April 28, 2010. Within the framework of the agreements signed today in Baku under Asian Development Bank’s Trade Finance Facilitation Program, Azerbaijan’s Bank of Baku expands the volumes of finances borrowed from the ADB.

BoB chairman of board Jalal Gasimov says that they have increased volume of borrowing from ADB up to USD 7 million.

“On the one hand, we extended the agreement with ADB on USD 2 million trade financing and USD 4 million revolver loan and signed a new agreement for revolver credit line of USD 1 million. As a result, size of the revolver loan grew up to USD 5 million,” Gasimov said.

Today Steven Beck, chief of trade finance unit (Capital Market & Financial Sectors Division of the ADB Private Sector Operations Department) has signed agreements with Azerbaijan’s Access Bank, AG Bank, Bank of Baku, DemirBank, and Bank Respublika.

According to Mr. Beck, due to this package of agreements ADB’s credit lines for country’s banks had reached USD 50-59 million.

“We are also ready to expand quantity of banks involved in the Program if they conform to two conditions – importance for the market and ability to undergo due diligence. The estimates on the occasion can take up to five months. Besides, banks should conform to the demand of capital sufficiency on Basel II principles,” Mr. Beck said.

These requirements make 8%.