Azerbaijani major bank considerably increased project funding amount in 2010
Azerbaijan, Baku, Jan.15/ Trend N. Ismayilova /
The International Bank of Azerbaijan (IBA) significantly increased the amount of project financing in 2010 compared to 2009, the IBA said on Friday.
According to the bank's information, the bank spent $180 million and $40 million for projects' implementation in 2010.
"The main directions of funding for banks are the oil and gas, energy and non-oil sectors, including construction, transport, telecommunications, industry, commerce and agriculture. In these directions, the IBA may act as a lender or guarantor, thereby contributing to the implementation of major projects aimed the development of the country's economy," the bank said.
Purchased goods and services, as well as a great part of the equipment have been financed mainly through credit lines received from the U.S. Exim Bank, Export Development Agency of Canada, the German Hermes, the French COFACE, the British ECGD, including insurance coverage from the Netherlands , Czech, Finnish and Korean insurance agencies, with support of the International Cooperation Bank of Japan and the Export-Import Bank of Turkey, including from regional and international banks (Islamic Development Corporation and the Black Sea Trade and Development Bank). The loans are provided by the IBA in the medium and long term from 3 to 14 years.
Thus, in 2009-2010 IBA assisted in the implementation of the projects such as construction and equipping of a methanol plant in Azerbaijan, the purchase of alternative wind energy stations and their installation in accordance with the goals set by the state program, improvement of telecommunications systems, the environment's cleaning from oil waste.