OREANDA-NEWS. April 30, 2010. The European Bank for Reconstruction & Development (EBRD) and Azerbaijan’s DemirBank streamlined directions of their co-operation.

DemirBank’s chairman of board Roman Amirjanov says that quality of their co-operation is undergoing changes.

“Now we’ve launched co-operation with the EBRD in other directions as well and the EBRD renders assistance to us. For example, EBRD agreed to finance partly introduction of SAP program in our Bank,” he said.

While the program cost is USD 3.5 million, the EBRD funded USD 750,000 for its introduction support and Holland’s FMO about USD 500,000.

“We are finishing the first stage of introduction, but want to introduce it fast as this is additional capitalization of our Bank by at least 20 million manats. We are introducing SAP for the first time and that will increase the market value of DemirBank,” Amirjanov said.