IFC to provide $20mn to Azerbaijani bank

Business Materials 22 August 2009 14:23 (UTC +04:00)

Azerbaijan, Baku, August 22 / Trend , A.Badalova /

The Board of Directors of the International Finance Corporation (IFC) plans to approve $20 million loan for Azerbaijani Bank Respublika, said the Corporation.

"The loan is envisaged for on-lending to micro, small and medium enterprises," the report said.

Projected board date is September 20, 2009

IFC has previously provided a senior loan to Respublika for SME lending as well as a trade line under the Global Trade Facility Program.

Respublika was established in 1992 as a private commercial joint-stock bank, and offers universal banking services to retail and corporate segments, through a network of 33 branches and service points. It is the sixth largest private bank in Azerbaijan (the "Country") by total assets in the amount of $478 million and a net loan portfolio of $312 million as of December 31, 2008. The Bank is 75% owned by the Guliyev family. Two major German financial institutions, DEG, a subsidiary of KfW and SIDT own 16.67% and 8.3% respectively.

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