Azerbaijan, Baku, May 23 / Trend /
Azerbaijani DemirBank and the European Bank for Reconstruction and Development (EBRD) signed the agreement to draw the next loan worth $ 3 million, DemirBank said.
According to the agreement signed for five years, the parties will undertake joint financing of medium-sized business. According to the agreement, the bank will finance 50 percent of the cost of each project.
"DemirBank has been cooperating with the EBRD since 1998," deputy chairman of DemirBank's board Yusif Jabbarov said. "It is one of the first banks in Azerbaijan that drew financial resources from such an influential organization. This is the second agreement of this kind signed between the EBRD and DemirBank. In general, the parties signed nine agreements on various types of financing."
DemirBank on various credit programs collaborates with international organizations such as EBRD, the International Finance Corporation, Dutch Development Finance Company (FMO), Black Sea Trade and Development Bank, Germany and Azerbaijan Foundation, a German investment company DEG, an international development fund OFID, the Islamic Corporation for private sector development, USAID, etc.