Azerbaijani bank, OFID negotiate credit maturity date
Azerbaijan, Baku, Nov. 1 / Trend N. Ismayilova /
The Azerbaijani Amrahbank is negotiating with the OPEC Fund for International Development (OFID) to extend its credit maturity date, the bank told Trend on Tuesday.
The credit line worth $2 million within the agreement between Amrahbank and OFID was opened for the bank. It will allow the bank expand its trade finance transactions in Azerbaijan.
The agreement was signed in the OFID headquarters in Vienna on Dec. 16, 2009. The bank must repay the loan until March 30, 2011. However, after talks with creditors, the payout period was extended for another year until March 2012.
"The bank is negotiating the re-extension of the maturity date because we see the opportunities to expand lending due to these funds, as well as their more efficient and sustainable use," Amrahbank said.
Today, the bank's loan portfolio is about 50 million manat. It is planned to be brought up to 52-53 million manat by late 2011, the bank said.