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CBA allocates direct loan to modernize aviation fleet

Business Materials 20 January 2011 13:08
The Central Bank of Azerbaijan (CBA) has allocated a long-term loan to AZAL amounting to over 300 million manat under a state guarantee, CBA Chairman Elman Rustamov told media.
CBA allocates direct loan to modernize aviation fleet

Azerbaijan, Baku, Jan. 20 / Trend N. Ismayilova /

The Central Bank of Azerbaijan (CBA) has allocated a long-term loan to AZAL amounting to over 300 million manat under a state guarantee, CBA Chairman Elman Rustamov told media.

"The loan was allocated to modernize the aircraft fleet, in particular, for flights in the direction of Nakhchivan. As this fleet is old, it requires modernization," Rustamov said.

He added that the credit has been fully allocated to AZAL. One last tranche remains, he said.

The loan is allocated on preferential terms at a rate of four percent per annum for 12 years, the head of the CBA said.

It was the fourth direct credit in the history of the CBA allocated under state guarantee to finance the country's strategic enterprises.

The first loan worth 750 million manat was allocated to SOCAR for seven years at two percent per annum, the second loan (202 million manat) was given to Azeraluminium for 10 years at three percent per annum, and the third loan (300 million manat) was presented to Azerenerji.

The official exchange rate is 0.7974 manat to $1.

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