AzerdemiryolBank Increase Portfolio of Foreign Loans
Azerbaijan, Baku / Trend corr. I.Khalilova / AzerdemiryolBank launched utilization of credit resources drawn from the Black Sea Trade and Development Bank and joint credit of the Holland Financial Company of Development (FMO) and German Institute of Development (DEG) with total sum of $20mln.
The first $2,5mln was utilized from the credit line of $10mln opened by FMO and DEG at the end of November 2007. Under the agreement, FMO allocated funds to the bank for seven year term to finance small-scale and middle-scale entrepreneurship in the country. The company also became the 10% shareholder of the capital of AzerdemiryolBank.
The Black Sea Bank signed one more credit agreement to finance small-scale and middle-scale entrepreneurship with the sum of $10mln for five years term with AzerdemiryolBank.
The total volume of financial resources represented to AzerdemiryolBank by international financial structures and private investors made up $80mln.