Azerbaijan, Baku, Oct. 3 / Trend /
The ceremony of signing of a loan agreement between Azerbaijan's Bank Respublika and the International Finance Corporation (World Bank Group) was held in Istanbul yesterday. Under the agreement, the credit line for Bank Respublika was opened for five years.
The loan decision was made at the IFC Board of Directors' meeting on the basis of BR financial performance estimates and its position at the domestic market of bank services.
The agreement was signed at an IFC annual meeting on the threshold of an annual meeting of the International Monetary Fund (IMF) and World Bank Group where representatives of central banks, ministries of finance and economic development, private sector gather to present global economic overview and discuss issues of world importance, including poverty level reduction, economic growth and efficiency support.
Bank Respublika has been co-operating with IFC since 2007 when the first credit line was received on the SME lending project.
"The current agreement is a new stage of co-operation providing for BR with additional finances and promotes to lending to micro, small and medium enterprises and thereby stimulate country's economy in the following years by forming stable private sector," said Bank Respublika chairperson of board Khadija Hasanova at the signing ceremony.
Overall volume of the agreements between BR and IFIs on different programs of crediting and trade financing has exceeded $200 million. BR is co-operating with such institutions as the EBRD, ADB, IFC, FMO, DEG, Black Sea Trade & Development Bank (BSTDB), German-Azerbaijan Fund (GAF), and others.
BR has been operating since 1992 and is one of the leading banks of Azerbaijan. Among its shareholders are two large German financial institutions - DEG (a member of banking group KfW) and SIDT (a member of Sparkassen-Finanzgruppe) with package of BR shares 25% + 1 share.
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