Azerbaijan, Baku, June 18 / Trend , N.Ismayilova/
A non-banking loan organization TBC Кredit will negotiate to draw foreign borrowing from international finance organizations which thus far have not attended the Azerbaijani market, the organization said on June 18.
"TBC Kredit still continues the negotiations with other finance institutions which were launched earlier, but there are not concrete results, yet," the organization said.
It was expected to receive a loan from the European Bank for Reconstruction and Development (EBRD) in 2008, but the bank postponed the negotiations until stabilization of the situation in Georgia, because the Georgian TBC Bank is a key shareholder of TBC Кredit.
It is expected to receive loan from another finance institution - American OPIC (Overcies Provide Investment Company) this year, from which it was planned to draw funds in 2008.
At present founders, including the Georgian TBC Bank and American ShoreBank render a financial support to the loan organization.
Due to lack of funding, TBC Кredit could not reach a loan portfolio to the forecast level - $30 million in 2008 and it is currently $18.5 million.
OPIC is a state American organization on foreign investments and began to finance SOA Kredit since 2004. The first loan worth $2.5 million covered 7 years, the second - worth $7.5 million - 9.5 years. The last loan was received and fully used in 2007.
OPIC's funds are directed to finance business-loans and the loan organization's mortgage program.
The EBRD issued loan worth $2 million in 2007 to develop micro- and medium-sized entrepreneurship in Azerbaijan.
ShoreBank International Ltd., part of ShoreBank Corporation (USA), was the only founder of TBC Кredit until late 2007. Georgia's largest TBC Bank acquired 75 percent of organization's capital at $7.5 million in December 2007.
TBC Кredit's authorized capital totals $10 million.
On June 18, the official exchange rate is 0.8039 manat to $1.
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