Azerdemiryolbank receives loan from Swiss fund
Azerbaijan, Baku, Dec. 25 / Trend /Azerdemiryol Bank JSC has made a new step to develop its foreign business cooperation and strengthen the financing of Azerbaijan's economy. The bank received a loan from SIFEM AG (a Swiss investment fund for emerging markets) on Dec. 22 for the first time. According to the contract, the $7mln loan will finance micro, small and medium-range enterprises and will work for five years, with 24 months of grace period.
The Vice-chairman of the bank's board, Yusif Jabbarov said the contract signed with SIFEM during the global economic crisis once more proved Azerdemiryol Bank's reliability and good reputation. He said the loan would help to meet the currently rising demand for loans and to support the businesses of the bank's non-oil-sector customers. "The signed contract is also important because the loan is a long-term one, which allows financing agricultural, processing and other enterprises", he stated.
The bank has started using the new credit line and has corroborated several applications.
Being one of the first commercial banks of Azerbaijan, Azerdemiryol Bank was set up in 1989. Its shareholders include the European Bank for Reconstruction and Development and FMO. The bank has 30 branches and sub-branches.
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