Asian Bank ready to issue first loan to Azerbaijani Texnikabank

Azerbaijan, Baku, June 22 / Trend , I.Khalilova/

The Asian Development Bank (ADB) is prepared to issue the first loan worth $10 million to the Azerbaijani joint stock-commercial Texnikabank to support development of small and medium business, Chairman of the bank's board Samir Huseynov said on June 22. "A loan agreement is expected to be signed in two-three months on the base of the held negotiations with the ADB officials," Huseynov said.

The loan will be issued for 5 years, he said.

Earlier, the Asian Bank expressed its readiness to finance Texnikabank worth $50 million. Directions of use of the loan have been provided in the memorandum of intentions signed between the banks.

This loan has been divided into three packages. The first loan worth $10 million was envisaged to issue the Eurobonds. By emission of the Eurobonds, it was planned to organize bridge financing ( type of venture financing, envisaged for companies transforming from private to public and wanting to register their stakes on the exchange). The loan was issued with this purpose, but Texnikabank did not wait for the loan and succeeded in placing its bonds via the London Stock Exchange in 2008 and paid them off in June 2009.

The second loan worth $5 million was envisaged to purchase the right from Texnikabank to acquire the stakes in a coordinated period of time, but this decision should be made at the Board of Directors of the bank. Therefore, it demands a longer period. In this regard, Huseynov said they agreed to receive loans to support small- and medium-sized entrepreneurship. Moreover, purchase of stakes depends on their prices in this period, but if necessary, the Asian bank can limit loans.

The third package comprised B-loan worth $25 million which aims to develop small and medium entrepreneurship. But the ADB allocates $10 million from this package.

As of May 31, 2009, assets of Texnikabank reached 447.6 million manat. As of five months of 2009, bank's assets made up 1.93 percent.

Bank's credit portfolio hit 344.5 million manat. This represents 5 percent increase compared to the previous year. As of May 31, 2009, the volume of consumer credits by individuals hit 60.7 million manat.

Bank's deposit portfolio increased by 3.5 percent in May and reached 140.9 million manat as of May 31, 2009.

Over five months of the year, bank's aggregated capital increased by 15.3 percent and hit 59.5 percent in late May. Over last 5 months, profitability of the capital was 15.92 percent

The growth of incomes hit 8.5 million manat by the end of the mentioned period.

At present majority shareholder of Texnikabank (75 percent) is World Wines company. Some 15 percent of stakes belong to Chairman of the bank's Supervisory Council Etibar Aliyev and 10 stakes - Kazimir Investment Caspian Fund.

On June 22, the official exchange rate is 0.804 manat to $1.

Do you have any feedback? Contact our journalist at: [email protected]

Uzbekistan may start production of its own vaccine against COVID-19 by the end of the year
Uzbekistan may start production of its own vaccine against COVID-19 by the end of the year
Russia's Eastwind, Turkmenistan's Turkmensvyaz to sign contract
Russia's Eastwind, Turkmenistan's Turkmensvyaz to sign contract
Kyrgyzstan imposes restrictive measures at airports
Kyrgyzstan imposes restrictive measures at airports
Loading Bars
Latest
5.1-magnitude quake hits 20 km S of Mandraki, Greece
Israel reports 142 new COVID-19 cases, 836,882 in total
Yemen's Houthi rebels say launch drone attack on Saudi air base
India's sports minister tests positive for COVID-19
Weekly review of highlights in Azerbaijan's transport sector
EU to hand over 30 vehicles to Georgia Border Police
Turkish scientist works on drug that can ‘kill COVID-19 in 2 days’
Uzbekistan may start production of its own vaccine against COVID-19 by the end of the year
Russia's Eastwind, Turkmenistan's Turkmensvyaz to sign contract
UK records another 2,206 coronavirus cases, 35 deaths
Iranian official offers upbeat assessment of progress in nuclear talks
Volume of goods transported by Azerbaijan’s vehicles in 2021 disclosed
Indonesia reports 5,041 new COVID-19 cases, 132 new deaths
Global COVID-19 deaths surpass 3 mln - Johns Hopkins University
Geostat reveals volume of Russian exports to Georgia
Solar panel station put into operation in Iran’s Razavi Khorasan Province
New auction to be held for Azerbaijani Finance Ministry's mid-term bonds
Georgia increases import of vehicles from Turkey
Kyrgyzstan imposes restrictive measures at airports
Bahar Azadi gold coin price rebounds in Iran
Foreigners to pass simplified visa procedures for 2021 F1 Azerbaijan Grand Prix
Serbian FM to visit Tehran today
Azerbaijan discloses number of COVID-19 vaccinated citizens
Azerbaijan confirms 2,148 more COVID-19 cases, 2,287 recoveries
Armenia falsified Caucasian Albania temples in Azerbaijan - rep of religious community
Iran to send trade attaché to Azerbaijan
Weekly review of major events in Azerbaijan's oil & gas sector
Azerbaijan shares footage from Jabrayil's Dash Veysalli village (VIDEO)
Armenia strived to create history for itself in Azerbaijan's lands - Head of Albanian-Udi community
Iran reveals COVID-19 data for April 17
Volume of loaded and unloaded cargo in Iran’s Charak port climbs
Azerbaijani oil prices on rise
VICE News report on Armenia's attack on Azerbaijani Barda nominated for award
Weekly review of main events in ICT sector of Azerbaijan
Earnings from fuel savings in Iran paid to investors
Uzbekistan's CCI, Portuguese Industrial Association establish co-op
Buy/sell operations at Iran Mercantile Exchange soar
Rosatom, Uzbekistan working on contract for building nuclear power plant
Turkmenistan to create electronic exchange database
IMF calls on Georgia to reduce capital expenditures in case of lockdown
Russia reports a new high of 9,321 coronavirus cases since March 20
Azerbaijan's Albanian-Udi Christian community members visit ancient temple in Tugh - Trend TV (PHOTO)
OSCE MG should force Armenia to follow terms of trilateral statement - Azerbaijan's Parliament
Weekly review of Azerbaijani currency market
Azerbaijan, Turkic Council discuss creation of joint digital tools
Weekly review of Azerbaijani precious metals market
EU rep should follow int'l law before meeting with separatist in Karabakh - expert
Potential areas of Turkmenistan’s interaction within Visegrad Group+Central Asia framework identified
Georgia reports 1,219 new coronavirus cases for April 17
Georgia holds auction for privatization of state property
Azerbaijani MP talks about spring session of IPA CIS held in Russia's St. Petersburg
Georgia continues to conduct research on Namakhvani HPP
Iran unveils details exports from Maragheh County
Kazakhstan reveals total number of TEU containers shipped along Aktau-Baku feeder line
There have always been good grape varieties in Pirshaghi – white and black Shani - President Aliyev
Participants of Azercell Student Bursary and Internship Programs share their success stories
Iran boosts aluminum ingots production
Azerbaijani police find mortar shells, detonators left by Armenia in Gubadly (VIDEO)
Iran declares amount of loans issued to SMEs
Kazakhstan's revenues from road cargo transportation down
Concept of ensuring security of Afghan section of TAPI signed
Members of Albanian-Udi Christian religious community of Azerbaijan visit liberated Khojavand (PHOTO)
Australia to continue review of COVID vaccinations - health minister
Italian media outlets highlight speech of Azerbaijani president at int'l conference in Baku
Kazakhstan decreases import of Ukraine-made goods y-o-y
Kazakh national atomic company's subsidiary opens tender to buy compressors
Azerbaijan sets up structure to work on urban planning in liberated lands
Kazakhstan's oil & gas company opens tender to develop consolidated time standards
Meeting of EU special rep with so-called "FM of Karabakh" promotes separatism, says Azerbaijani expert
Iranian currency rates for April 17
Iran to increase vaccinations as fourth wave of COVID-19 rises
Iran reaches target uranium enrichment
Oil demand to keep on rising in May, June 2021
Work on provision of electricity to Azerbaijan's liberated Sugovushan nearing completion
Bulgaria sees Georgia as valuable partner
Significant number of Georgian citizens register for employment program in Israel
Kazakhstan’s COVID-19 caseload up by 2,822
Ukraine receives first batch of Pfizer vaccine under COVAX initiative
IMF corrects estimate on Iran's foreign exchange bank reserves
Azerbaijan attracting foreign investments for renewable energy projects
Uzbekistan to open an embassy in Sweden
Global COVID-19 infection rate approaching highest: WHO
Portugal resumes flights to Brazil, Britain
Turkey reports over 63,000 daily COVID-19 cases
EU eyes to provide grants to Georgian non-profit organizations
Israel reports 41 new COVID-19 cases, 836,740 in total
Biden signs order keeping Trump-era refugee cap at 15,000
EU-UK trade plunges after Brexit: Eurostat
UK records another 2,596 coronavirus cases, 34 deaths
UN Security Council approves ceasefire monitors for Libya
North Macedonia vaccinates some 35,000 citizens
Raul Castro resigning from Cuba’s Communist Party
Azerbaijani IT company working on creating new network, server infrastructures
Georgian Economy Ministry to form expert council on Namakhvani HPP
Relations between Russia, Azerbaijan attain degree of strategic alliance - Federation Council Chair of Russian Federal Assembly
Turkish engineers develop fiber that kills coronavirus in minutes
Uzbekistan’s gold and foreign exchange reserves drop to $32.6 billion
Iran’s petrochemical output to reach $40b: Oil Minister
Relations within CIS IA to make comprehensive partnership ties more profound among member states - Chair of Azerbaijani Parliament (PHOTO)
Azerbaijani gymnasts win set of awards at Trampoline Hopes Cup tournament
All news