Azerbaijan, Baku, May 2 / Trend , I.Khalilova/
International Finance Corporation (IFC) Director on Eastern Europe and Central Asia Shahbaz Mavaddat will visit Baku early next week to participate in an agreement signing ceremony with Azerbaijani Commercial AGBank, the IFC Baku Office reported.
"He will not hold other official meetings," the IFC reported.
IFC approved to issue $15 million subordinated loan to AG Bank.
Investments will be directed to support development of the bank in the field of different services to expand a capital base of the small and medium-size entrepreneurship.
The loan agreement will be signed on May 5, the corporation said.
The credit is allocated through long-term cooperation between the bank and IFC. The Financial Corporation has already issued three loans to AG Bank to finance SME loaning and leasing operations in 1998, 2003 and 2006. Also in June 2006, IFC acquired a 17.5-percent of equity in the AG Bank for1.470 billion manats.
Currently, AG Bank has two foreign shareholders. In May 2008, 10 percent of the bank's shares were given to the US Kazimir Investment Caspian Fund for 8.36 million manats at their nominal value of 1.5 million manats.
The bank's authorized capital increased to 26.556 billion manats with nominal value of each share at 10,000 manat due to a new shareholder.
The main shareholders of the bank are Chingiz Asadullayev and Farzulla Yusifov, as well as IFC and Kazimir Caspian Fund Limited. The bank has 13 branches.
On May 2, the official exchange rate is 0.8035 manat to $1.
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