Azerigazbank, the stock-investment bank received, the first tranche of the credit line of the Malaysian Export-Import line for trade financing, which includes support to letter of credit, issue of guarantees, etc. Azer Movsumov, the chairman of the Managing Board of the Bank, said that Azerigazbank had received a $1.5m tranche of $3m credit line.
"After the use of the first installment the bank will receive the second tranche of the credit. Azerigazbank has set up according the projects for financing at the expense of the line. The projects are considered in compliance with the list of export goods which Eximbank is ready to finance. For the time being a project on import of palm oil was accorded," Movsumov underscored.
Along with trade financing the credit line, which was signed in mid-summer, also envisages post-financing. Under the line each project can be financed for 2 years.