Azerbaijani bank draws syndicated loan
Azerbaijan, Baku, March 29 / Trend N. Ismayilova /
The Azerbaijani DemirBank attracts a syndicated loan worth $25 million from international financial institutions and investment funds, chairman of the bank's board Roman Amirjanov told media.
"The funds will be spent to finance the various spheres of the bank's business, such as microfinance, small and medium enterprise", he said.
He said that the terms of credit lines, provided within a syndicated loan, range from two to five years. The credit will be granted through the Netherlands Development Finance Company (FMO).
An extraordinary meeting of shareholders is scheduled for April 20 this year. It will take place at the head office of the bank.
One of the first banks in the country DemirBank (former Azerdemiryolbank) started operating in 1989. The large international financial institutions such as the European Bank for Reconstruction and Development and the Netherlands Development Finance Company (FMO) are its shareholders.