ADIF to repay foreign loan ahead of schedule
By Amina Nazarli
Azerbaijan’s Deposit Insurance Fund (ADIF) will repay a loan of
5 million euros, provided by Germany’s KfW Development Bank,
according to ADIF head Azad Javadov.
He told Trend that the loan was taken in 2010 as part of ADIF’s
capitalization program.
"At the last meeting of the Fund’s Supervisory Board, it was decided to repay the loan, as we no longer need these funds," Javadov said on June 2.
The loan was taken for a period of 40 years.
Javadov earlier stated that the Fund's resources amount for 80 million manat ($47 million), in addition, ADIF has notes worth 800 million manat ($470 million) of the Azerbaijani Finance Ministry.
If ADIF does not use them for 10 years, then upon expiry of the term, these funds will become capital. On the other hand, at any time the Fund can return these notes to the ministry and receive money in return.
ADIF has been operating since August 13, 2007. The uppermost limit of the interest rate for individuals’ insured deposits in foreign currency is 3 percent. The maximum interest rate for individuals’ manat deposits covered by insurance is 15 percent.
--
Amina Nazarli is AzerNews’ staff journalist, follow her on
Twitter: @amina_nazarli
Follow us on Twitter @AzerNewsAz
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!