Azerbaijani credit organization to get OPIC's next trench of loan

Business Materials 19 November 2010 17:31 (UTC +04:00)

Azerbaijan, Baku, Nov. 19 / Trend N.Ismayilova /

The Azerbaijani non-banking credit organization TBC Kredit expects to get the fourth tranche of OPIC credit line (Overseas Private Investment Corporation, USA) worth $12 million in early 2011, the organization said today.

"After receiving the third tranche in October this year, the total funding received by the Company hit $4.1 million," the TBC Kredit said.

In November 2009, OPIC approved granting of a long-term loan to TBC Kredit-term credit to the amount of $12 million. The total project cost is $16 million, of which 25 percent will be paid by the credit organization's own funds. This credit line is aimed at the development of mortgage and business lending.

After the third credit line was approved for TBC Kredit, total amount of funds raised from OPIC has reached $22 million. TBC Kredit and OPIC have been fruitfully cooperating since 2004. TBC Kredit was the first organization on the market of Azerbaijan, with which OPIC began to work.

Non-bank credit organization TBC Kredit has been operating in Azerbaijan since 1999. Since December 2007, about 75 percent of the share holding is owned by the leading Georgian bank TBC Bank and 25 percent - American ShoreBank International Ltd.