Azerbaijan, Baku, Nov. 1/ Trend /
The Azerbaijani DemirBank has signed an agreement with Germany's Connective Capital on a loan for $1.8 million for the first time in Azerbaijan, the bank reported.
The agreement was signed with the support of financial fund FinAcc Fund S.V.A. for two-year period and envisages allocation of financing for lending to small businesses in Azerbaijan.
"Small enterprises are better adapted to conditions of business environment and adapt quickly to changes in the economy that makes them an important component in the country's development. Given this, DemirBank actively supports this segment of the market and increases the volume of its lending. For these purposes international financial institutions have credited totally about $136 million to DemirBank for lending to small and medium-sized businesses," DemirBank's deputy chairman of board Yusif Jabbarov said.
In the area of crediting DemirBank is co-operating with more than 20 international organizations, including the European Bank for Reconstruction and Development, International Finance Corporation, Dutch Development Finance Company (FMO), Black Sea Trade and Development Bank, German-Azerbaijan Fund, German Investment Company DEG, International Development Fund OFID, Islamic Corporation for Private Sector Development, USAID (United States), Rosemount Global Commercial Finance Fund (USA), BANIF (Portugal), Investment Fund SIFEM AG (Switzerland), ING BANK (Netherlands), etc.