Georgian Bank to Finance Projects on Security of Property in Azerbaijan
Azerbaijan, Baku, 30 May / Trend corr I. Khalilova/ "Georgian TBC Bank is ready to assist in financing of Azerbaijani projects in Georgia on the security of property in Azerbaijan," Zezva Tsiskarishvili, Deputy Director General of TBC Bank, which owns 75% of the TBC Credit NGO (previously SOA Credit) stocks, said on 29 May.
"We have met with potential Azerbaijani investors who wish to establish their enterprises in different spheres in Georgia. They also want to make use of our presence in the Azerbaijani market. We have opportunities to finance projects in Georgia on the security of property in Azerbaijan. That will be very comfortable for Azerbaijani investors, because while mortgaging property in Azerbaijan they will be able to take loans in Georgia itself," Tsiskarishvili said.
According to Tsiskarishvili, the Georgian and Azerbaijani businessmen are interested to implement joint projects in trade and production fields. They want to promote their goods in the Azerbaijani market and TBC Bank will intensively assist them in investing in Azerbaijan through its Azerbaijani subsidiary- TBC Credit.
"That will be just the beginning, and to my mind, in future it will be a very good factor for us that both countries' investors will be present in each other's markets. That promotes integration. We as a shareholder of the Azerbaijan-based credit organization want not only to attract money but to promote complete integration as well," Tsiskarishvili said.
TBC Credit plans to attract about $30-40mln by the end of 2008. TBC Credit's current foreign loan volume totals $10-12mln and its credit portfolio comprises $14mln.
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