OREANDA-NEWS.  January 19, 2012. Azerbaijani banks finish redemption of loans borrowed from Asian Development Bank  (ADB).

Head of ADB’s Baku office Olli Norojono has stated that at present 3 of 4 Azerbaijani banks which borrowed funds from ADB have fully redeemed their obligations.

"Full redemption will open new possibilities for provision of new loans to Azerbaijani banks within earlier fixed limit",- O. Norojono said.

International Bank of Azerbaijan (main borrower with USD 40 million), AGBank, AccessBank, Bank Respublika and Bank of Baku have borrowed funds for about totally USD 70 million from ADB. Only Bank of Baku has to make the last payment. The other banks have already fulfilled their obligations.

" The situation with loan borrowing does not prevent us from continuing cooperation with local banks on trade financing program",- O.Norojono noted.

AGBank, AccessBank, Bank Respublika, Bank of Baku and DemirBank cooperate with the bank on this program.