Holland’s SNS Institutional Micro Finance Fund and DemirBank sign loan agreement
Azerbaijan, Baku, Dec. 9 / Trend /
DemirBank and Holland's SNS Institutional Micro Finance Fund have signed loan agreement worth $5 million, the bank reported.
The Azerbaijani Bank reports that the agreement was signed with organization assistance of the World Bank's Global Markets Development Fund.
DemirBank is to direct the loan for crediting for domestic business sector. The agreement was signed for three years.
"Besides disbursal of large and medium-size loans DemirBank pay much attention to small and micro lending. Small and micro loans give an opportunity for many businessmen to expand activity that in its turn promotes to raising employment and welfare of wide layers of the population," DemirBank's Deputy Chairman of Board Yusif Jabbarov said.
Within the framework of different loan programs DemirBank co-operates with such IFIs as the European Bank for Reconstruction & Development (EBRD), International Finance Corporation (IFC), Netherlands Development Finance Company (FMO), German Investment & Development Company (DEG), Black Sea Trade & Development Bank (BSTDB), German-Azerbaijan Fund (GAF), OPEC Fund for International Development (OFID), Islamic Corporation for the Development of the Private Sector (ICD), Trade-Finance Fund Rosemount Global (US), BANIF (Portugal), Investment Fund SIFEM AG (Switzerland), ING BANK (Netherlands), etc.
DemirBank (previous name: Azerdemiryolbank) started its activity in 1989. Among its shareholders are EBRD and FMO.