Azerbaijani Parabank negotiates with foreign investors
Azerbaijan, Baku, Jan. 12 / Trend N. Ismayilova /
Azerbaijani Parabank is negotiating with foreign investors to draw loans, the bank treasury department director Elnur Agayev said.
"The bank intends to draw $3-5 million from financial institutes. It is negotiating now. These funds will be spent to crediting small and medium entrepreneurship and agrarian sector," Agayev said.
The bank was suffered damage in 2008. It negatively affected drawing new credit lines. But as a result of 2009, small profit was received (financial indices have not been announced yet).
Earlier it was reported that the bank negotiates with the Asian Development Bank to open a credit line worth $3 million and German Development Bank KfW - $2 million. These funds are envisaged to finance small and medium entrepreneurship.
The bank cooperates with such international financial institutes and loan organizations as, Kreditanstalt für Wiederaufbau (KfW), the Islamic Corporation for the Development of the Private Sector, the European Bank for Reconstruction and Development (EBRD), the International Finance Corporation (IFC), the Black Sea Trade and Development Bank (BSTDB), Commerzbank AG (GEM), TBC Bank (Georgia).
The bank has been operating since 1991.
On Jan. 12, the official exchange rate is 0.8029 manat to $1.