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Summary of Project Information (SPI) |
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| Project number | 7761 |
| Project name | Azerbaijan Joint Venture Bank |
| Country | Azerbaijan |
| Sector | Finance & Insurance |
| Department | Global Financial Markets Group |
| Company name | Kocbank (Azerbaijan) Limited. |
| Environmental category | C |
| Date disclosed | January 23, 1998 |
| Status | Completed |
| Previous Events | Invested: August 24, 2000
Signed: November 16, 1998
Approved: March 30, 1998 |
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Summary Of Project Information (SPI)
| Project Name | Azerbaijan KocBank |
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| Region | Europe |
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Project No007761
Projected Board DateFebruary 23, 1998
Company NameAzerbaijan Bank
Technical Partner and/or Major Shareholders
KocBank Turkey (Turkey)
Project Cost Including proposed IFC investment
Total Cost US$5 million, IFC equity participation of US$1 million or 20% of the initial capital.
Location of project and Description of site
Baku, Azerbaijan
Description of Company and Purpose of Project
IFC will make an equity investment in a new joint-venture commercial bank in Azerbaijan. Azerbaijan Bank will offer a full range of commercial banking services to corporate and retail clients. The sponsor and technical partner, Kocbank, is a prominent Turkish bank owned by Koc Group, a leading Turkish private sector group, which has made a substantial real sector investments in Azerbaijan. Also a local partner is involved in the project. The Bank is expected to enhance standards and facilitate the development of the banking sector.
Environmental Category and Issues
This is a category C project according to IFC’s environmental review procedure. No further environmental review is required.
| Date SPI sent to PIC | January 23, 1998 |
“This Summary of Project Information is prepared and distributed to the public in advance of consideration of the proposed transaction by the Corporation’s Board of Directors. It is provided for the purpose of enhancing the transparency of IFC’s activities and should not be construed as presuming the outcome of IFC Board consideration.”
For Additional Information contact: Corporate Relations Unit -
telephone: (202) 473-7711
facsimile: (202) 974-4384 |
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