Azerbaijan, Baku, March 2 / Trend N. Ismayilova /
The Azerbaijani Rabitabank plans to attract $6 million from the European Bank for Reconstruction and Development (EBRD) by late 2011, Deputy Chairman of the Rabitabank Board Elchin Gadimov said today.
"The bank plans to use these funds to finance small and medium-sized businesses. In general, obtaining this loan the bank will provide access to cheaper money, which can then be directed to the lending," he said.
According to him, talks are underway with the EBRD on attraction of credit.
In September 2010, Rabitabank signed an investment agreement with the International Finance Corporation (IFC) and EBRD to join the stockholders of the Azerbaijani bank. These financial institutions have purchased shares equal to 25 percent +1 share, on 12.5 percent each. The total purchase price was 4 million manat.
Gadimov said the transaction on entering the IFC and EBRD in the bank's shareholders will be summarized later this month.
Rabitabank is a commercial bank that has operated in Azerbaijan since 1993. Rabitabank has become the fourth bank in Azerbaijan, in which IFC will acquire stake.
Rabitabank has cooperated with IFC and EBRD since 1999. Controlling stake in the bank (86.1 percent) still belongs to the Chairman of the Supervisory Board Rabitabank Zakir Nuriyev.