Azerbaijani Bank Plan to Receive Syndicated $15mln Credit

Business Materials 9 April 2008 14:20 (UTC +04:00)

Azerbaijan, Baku, 9 April / Trend corr. U.Ismayilova / Azerbaijani Mugan Bank has commenced its negotiations with various international institutions to attract syndicate credit, Shaig Alakbarov, Mugan Bank manager stated.

"Bank is planning to receive credit in sum of about $10 or $15mln,"Alakbarov.

Mugan Bank received credits $6mln from the European Bank for Reconstruction and Development to develop small-scale and middle-scale entrepreneurship. Credit is planned to be paid back till 2010.

Mugan Bank is the first bank of the country which placed its securities in the foreign stock exchange. In 2007, bank placed bonds in sum of $5mln, bank's underwriters is the Latvian Parex Bank. Bank's bonds are used by 20 investors from Latvia, Lithuania, Estonia and Switzerland.

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