Korean Development Bank to allocate credit for Azerbaijan

Business Materials 7 March 2013 15:10 (UTC +04:00)

Azerbaijan, Baku, Mar.7 / Trend I. Isabalaeva /

The Korean Development Bank will allocate credit to the sum of $22 million for Azerbaijan to build a new professional complex in Baku, head of department of vocational education of the Ministry of Education Namik Mammadov told Trend.

The contract will be signed for a period of 30 years. "The grace period of the loan is 10 years. The loan agreement will be signed on the condition of a non-repayment period of 10 years. Therefore repayment begins 10 years after it was granted and the total duration of the loan is 30 years," Mammadov said.

Credit will be issued under 0.2 per cent per annum.

Mammadov said negotiations on the contract signing are coming to an end. It is expected that it will be signed within the next few months.

A modern, professional complex, capable of providing specialised training for personnel in the technological field will be commissioned on the basis of the Baku professional lyceum No 4 through the loan of the Korean Development Bank