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OPIC approves allocation of $5 million for expansion of Rabitabank’s SME lending portfolio

Business Materials 30 March 2010 14:36 (UTC +04:00)
Corporation OPIC (Overseas Private Investment Corporation, USA) approved the granting Azerbaijani Rabitabank guaranteed loan worth $5 million, which are envisaged to expand bank's loan portfolio to finance small and medium enterprises (SME), the OPIC said.

Azerbaijan, Baku, March 30 / Trend ,N. Ismayilova /

Corporation OPIC (Overseas Private Investment Corporation, USA) approved the granting Azerbaijani Rabitabank guaranteed loan worth $5 million, which are envisaged to expand bank's loan portfolio to finance small and medium enterprises (SME), the OPIC said.

The organization said that total cost of the project is $8.49 million. The U.S. sponsor of the project is the Financial Services Volunteer Corps (FSVC).

"This project will have a positive developmental impact in Azerbaijan. The project will enable Rabitabank to expand its operations in order to target SME borrowers. The increased access to funds will enable capital mobilization in this underserved sector. Rabitabank will continue to integrate U.S. best practices into its SME lending operations as a result of FSVC's involvement," said in the information.

The Bank has a network consisting of 20 branches throughout the country. Controlling stake of Rabitabank (86,1 percent) belongs to the chairman of the Supervisory Board Zakir Nuriyev.

Rabitabank is operating since 1993. The Bank is a member of the Deposit Insurance Fund, National Fund for Entrepreneurship Support (NFES) and the Azerbaijan Mortgage Fund.

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