EBRD Allocates Syndicated Credit to Azerbaijani Bank

Business Materials 22 April 2008 17:15 (UTC +04:00)

Azerbaijan, Baku, 22 April / Trend corr I. Khalilova/ On 28 May, the Council of Directors of the European Bank for Reconstruction and Development (EBRD) will discuss allocation of syndicated credit in the sum of $30mln to the Azerbaijan Micro Finance Bank (AMFB) for the development of micro and small-scale entrepreneurship in the country, EBRD reported.

The funds will help the bank to enter the international capital markets and will assist in expansion of Azerbaijani financial system by providing long-term financing for micro and small-scale entrepreneurship.

That is the first syndicated credit for AMFB which will enable it to diversify its credit portfolio. EBRD will allot $10mln from the $30mln-credit and the remaining funds will be borrowed from the syndicated credit market.

EBRD is one of AMFB's stockholders with 20% of shares. By the beginning of April 2008, AMFB's credit portfolio exceeded 55,000 credits- totalling $140mln. During five years of its activities, the bank allocated 120,000 credits totalling $335mln with the average amount of a credit comprising some $2,800. Bank's total assets exceed $160mln.

The official rate on 22 April is 0,8286 AZN/USD..

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