Azerbaijani insurance company attracts large loan from abroad (PHOTO)

Photo: Azerbaijani insurance company attracts large loan from abroad (PHOTO) / Business News

Baku, Azerbaijan, July 2
By Emin Aliyev - Trend:

Azerbaijani International Insurance Company (IIC) has attracted a large loan from abroad, the company's board chairman Mammadsadikh Mammadov said at a press-conference.

"In late June, an agreement of allocating $3-million loan was signed between us and one of the largest international banks - ING Bank (Netherlands). The agreement provides a credit line for a period of 370 days with the possibility of increasing - both the amount and the timeframe in the future. Demand on the market will show, whether such an extension will happen, " he said.

This is the first such deal in the Azerbaijani market, according to Mammadov.

"The funds will be used for the development of activities and product line of the company. Furthermore, we are currently working on several other similar projects, and I hope that we will be able to go public regarding them in the coming months," the board chairman said.

Mammadov went on to say that ING bank is one of the largest international banks.

"This bank is a member of ING group, which also has its insurance company. We intend to expand cooperation with the group and hold talks on this," he added.

Furthermore, the presentation of the updated website of the company which was redesigned in accordance with the requirements of the Azerbaijani Finance Ministry, was held within the frame of the press conference.

The International Insurance Company was established in 2002 by the International Bank of Azerbaijan. At present the company provides services to both individuals and legal entities on 33 types of insurance.

Edited by S.I.

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