ADB comments on $ 20 mln allocation to Dəmirbank

Baku.29 December. REPORT.AZ/ “While Asian Development Bank (ADB) remains a senior lender to Dəmirbank, following the suspension of its operations, the bank’s first priority will be to work with its depositors.”

The ADB headquarters replied to enquiry of Report News Agency.

ADB is not going to send to Azerbaijan a special mission for $20 million loan allocated to Dəmirbank:

“In 2015, ADB approved debt financing of $20 million to DəmirBank. The financing to DəmirBank was part of a wider ADB financing package to Azerbaijan banks to help reduce the reliance of the economy on oil and gas and support the development of small and medium-sized enterprises. At this time, no ADB mission is planned, however staff in ADB's headquarters and through the resident mission in Azerbaijan will work with the bank regulator, Financial Market Supervisory Authority (FIMSA), and Dəmirbank management to ensure a smooth transition in full compliance with Azerbaijan law."

ADB also informed about loans allocated to other commercial banks in the country: “Since 2006 ADB has provided 8 loans to support financial institutions in the country, some of which remain outstanding.

Notably, by a decision of FIMSA Board of Directors the license of Dəmirbank eliminated on December 22.