Societe Generale (SocGen),
The corresponding document, signed by IBAвЂ™s deputy chairman Asgar Mammadov, and the deputy to the SocGenвЂ™s regional representative, Teyba Guliyeva, makes relevant provisions for EUR45 million in loan to be secured by COFAZ of France and Hermes of Germany, in the amount of EUR 15 and EUR30 million, respectively.
Mammadov noted that the credit line has been allocated for acquisitions from
According to Guliyeva, the framework agreement has been drawn up for two years, but the вЂњterm is not of principal importance.вЂќ вЂњSociete Generale has been actively cooperating with the International Bank (of Azerbaijan) for more than two years, and is about to enhance this kind of cooperation without insurance covers by COFAZ and Hermes. The credit line is to be recoverable within three to 15 years. The minimum amount of a single credit has been set at EUR1.5 million, as smaller loan amounts, approved by Societe Generale, are not covered by export insurance agencies,вЂќ she said. The maximum budget of a project, to be funded through the credit line, is limited by the amount of the entire loan by SocGen.
The French bank expects that development of cooperation with the International Bank will lay down a proper foundation for the raise of the amount of the minimum loan stock to be approved without export insurance cover. вЂњBefore the signing of the agreement [today], we have started to cooperate [with IBA] in the framework of a credit line. We have already determined the first project, to be financed through the above credit provision, with the rate of lending to vary depending on the terms of financed projects,вЂќ Guliyeva noted. She stressed that besides the oil & gas sector, the SocGen is also interested in the fields of power engineering, as well as infrastructure building and banking. вЂњIn addition to IBA, we also intend to cooperate with other banks,вЂќ Guliyeva said.