Bank of Baku, ADB sign agreement to support trade financing
Azerbaijan, Baku, May 4 / Trend /
The Bank of Baku and the Asian Development Bank (ADB) have signed an additional $1 million agreement for a revolving credit line to support trade financing, the bank said.
The loan will be spent for bank clients in post-import and pre-export operations.
The Bank of Baku and the ADB have also updated a trade financing agreement for documentary transactions.
In total, the Bank of Baku received $4 million from the ADB under long-term credit for lending to small- and medium-sized businesses in early 2007, 2 million manat in medium-term loans, $2 million for trade financing and $1 million in revolving credit.
The Bank of Baku works with ADB in supporting small and medium-sized businesses, as well as trade financing.