Turk EximBank Ready to Open New Credit Lines to Azerbaijan

Business Materials 13 September 2008 10:51 (UTC +04:00)

Azerbaijan, Baku, 13 September / Trend corr. I.Khalilova /The Azerbaijani Government will pay off debts to Turk EximBank. Azerbaijan had been in debt to Turk EximBank since 1994, Ertan Tanriyakul, Deputy General Director of the bank, said.

Azerbaijan used $74mln out of $250mln debts. According to Tanriyakul, the debts are paying back via the International Bank of Azerbaijan.

Despite of repeated agreements on conversion of used shares of debt, concrete results have been achieved. Under the protocol, Azerbaijan will not pay percentage for one share of $48mln credit, but will pay for $26mln on 2%.

Azerbaijan directed the funds to different purposes - to purchase grain, medicals and others.

"Turk EximBank is ready to issue new credits via the Azerbaijani banks for trade operations and for this purpose the negotiations are being held with banks," Tanriyakul said.

However, Turk EximBank does not plan to open its branch or daughter bank in Azerbaijan's bank market.

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