Azerbaijani bank draws $3mln from European finance organization
Azerbaijan, Baku, Sept. 1 / Trend /
The Azerbaijani bank Azerdemiryolbank has signed a new loan agreement, organized by the Swiss company, Symbiotics SA Information, Consulting & Services, envisaging the allocation of financial resources by the Luxemburg Dual Return Fund S.I.C.A.V company, the bank said on Sept. 1.
"Under the contract, Azerdemiryolbank drew $3 million. The loan agreement was signed for two years and includes funding operations on micro-loaning clients," said the report.
Under its social policies, implementing various projects, Azerdemiryolbank pays great attention to the development of micro-loaning. Being one of the most mass-market segments, micro-loan operations develop small-business, and improve employment and welfare of the population, both in Baku and the regions, the Vice Chairman of the Board, Yusif Jabbarov said, commenting on the agreement.
The report also said that Azerdemiryolbank in June received a certificate of transparency, quality and reliability of the highest fifth degree by the international Microfinance Information Exchange organization.
On various credit programs, Azerdemiryolbank collaborates with international organizations, such as the European Bank for Reconstruction and Development, International Finance Company, the Dutch Development Finance Company (FMO), Black Sea Trade and Development Bank, Germano-Azerbaijan Fund, the German Investment Company DEG, the International Development Fund OFID, Islamic Corporation for Private Sector Development, Trade and Financial Fund, Rosemount Global (USA), BANIF (Portugal), Investment Fund SIFEM AG (Switzerland), ING BANK (Netherlands), etc.
One of the country's first commercial banks Azerdemiryolbank was founded in 1989. The bank's shareholders also include giant international finance organizations, such as EBRD and FMO. The bank has 32 branches and department in Baku and the regions.