Azerbaijani bank may draw in new loans from EBRD
Azerbaijan, Baku, Dec. 27 / Trend , N.Ismayilova/ "Azerbaijani Bank of Baku will consider at the beginning of 2009 drawing in of new loans from the European Bank for Reconstruction and Development (EBRD)," said Jalal Gasimov, Bank of Baku Chairman of the Board.
"Drawing in of new loans from the European Bank for Reconstruction and Development (EBRD) will be discussed in the first quarter of 2009. We work with EBRD in several directions: crediting of small and middle-scale business. In particular, Bank of Baku in a short term utilized loans for financing of small and middle-scale entrepreneurship and micro crediting," said Gasimov.
Bank of Baku was the first in Azerbaijan to finance several projects within its joint with EBRD co-financing program.
In December, 2006, EBRD and Bank of Baku concluded an agreement worth $5mln to jointly fund the projects of large corporate clients of the bank. Risks on the program are divided on a parity basis.
"Cooperation with the European Bank for Reconstruction and Development enabled Bank of Baku to expand crediting of Azerbaijani economy, to improve professional skills of the employees, as well as positively influenced on reputation of the bank," said Gasimov.
In 2007, Bank of Baku received a loan from EBRD worth $3mln to develop micro, small and middle-scale entrepreneurship. EBRD provided $2mln and the remaining funds came from the Chinese International Cooperation and Development Fund (TAIPEI).
Along with this loan, Bank of Baku received syndicated funds worth $6.25mln within the EBRD Middle East funding program.
Bank of Baku was established in 2005 as a result of merging of two local private banks. In 2005, EBRD became a shareholder of this Azerbaijani bank.
On Dec. 27, official exchange rate totalled 0.8011 AZN/USD.
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