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Azerbaijani Bank Completes Use of EBRD Loan Line

Business Materials 21 August 2008 18:36 (UTC +04:00)

Azerbaijan, Baku, 21 August / Trend corr. I.Khalilova / Within two weeks, Azerdemiryolbank of Azerbaijan will complete the use of a $14mln loan of the European Bank for Reconstruction and Development (EBRD), which was approved for the Azerbaijani bank in May 2008, Roman Amirjanov, the president of the bank, said.

A total of $4mln of them was allocated to loan up small and medium enterprises and $10mln for micro and macro enterprises. At present the rest $4mln is under development and the relevant projects have been developed and submitted for examination. The European Bank's entire portfolio on financing of Azerdemiryolbank reaches $37-$38mln.

The total funds attracted by the bank exceed AZN 90mln taking into account the IFC's $5mln loan. Within the next two months, an agreement will be inked with the IFC to get $10mln more.

At present assets of Azerdemiryolbank comprise AZN 210mln and the aggregate capital reaches AZN 34mln, as well as AZN 13.4mln belonging to the authorized capital. In 2008, the bank does not have plans to increase the authorized capital, whilst aggregate capital will exceed AZN 40mln.

Azerdmiryolbank Open Joint Stock Company (OJSC) began to function on 6 October in 1989 as Azzheldorbank. Over the past 18 years, Azerdmiryolbank developed and strengthened its position at the banking market of Azerbaijan. Currently, Azerdemiryolbank OJSC is one of five hugest banks of the country and has 30 subsidiaries and departments both in the capital city and regions.

The exchange rate for US dollar was AZN 0.8138 on 20 August.

The correspondent can be contacted at: [email protected]

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