Baku, Azerbaijan, Feb. 1 / Trend N. Ismayilova /
Azerbaijani's DemirBank has signed an agreement with the investment company Microfinance Enhancement Facility to draw financing under the mediation of the micro-finance organization ResponsAbility Global Microfinance Fund, the bank said on Wednesday.
According to the agreement, Microfinance Enhancement Facility will provide DemirBank a loan worth $8 million over three years. DemirBank will use the funds to finance small businesses.
"DemirBank values the role of small businesses," said the deputy chairman of the board of the bank Yusif Jabbarov. "This is its eighth agreement with the ResponsAbility Global Microfinance Fund. Agreements worth $30.5 million have been signed with ResponsAbility Global Microfinance Fund since 2007."
DemirBank works with more than 20 international organizations on credit programs. They include the European Bank for Reconstruction and Development, International Finance Corporation, Asian Development Bank, the Netherlands Development Finance Company (FMO), Black Sea Trade and Development Bank, the German-Azerbaijan Fund, German Investment Company DEG, International Development Fund OFID, Islamic Corporation for the Development of the Private Sector, and USAID.