Azerbaijan, Baku, Feb. 18 / Trend , N.Ismayilova/
Azerdemiryolbank JSC has closed a crediting deal worth $5 million with the International Finance Corporation (IFC) within the framework of the IFC Global Trade Financing Program. The aim is to finance trade operations.
The bank's Vice-Chairman, Yusif Jabbarov said the agreement will play an important role in the development of documentary operations and the appropriate cooperation with other international organizations.
According to the agreements, the financial operations' value will not be restricted. The trade operations could be conducted with any country worldwide.
The IFC-Azеrdеmiryolbank cooperation started from a small and medium-scale enterprise development project in 1998. The cooperation is being developed in several directions. E.g., the Aug. 19, 2008 agreement worth $5 million envisages mortgage crediting for the population by Azеrdеmiryolbank. The bank will also close a long-term micro-crediting deal worth $5 million with IFC in late Q1, 2009.
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 31 branches and service point.
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