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KAZAKH BANK PLANS TO ALLOT A CREDIT LINE FOR AZERI BANK

Business Materials 11 October 2005 12:29

The Kazakh bank Turanalem plans to approve a credit line for the Azerbaijani Azerdemiryolbank. Aida Sultanova, the head of the Baku Office of the Kazakh bank, said that the consideration of the documents submitted by Azerdemiryolbank will take a fortnight.

"The amount of financing is still to be defined. It is to be defined especially on the base of an inquiry by Azerdemiryolbank, while the first loan will comprise $500,000 as it a new market for us. In general, we are ready to allot from $300,000 to $500,000 depending on the status of the bank and the documents which they will produce,” Sultanova noted.

At present Turanalem caries out such cooperation with the banks Azerigasbank, UniBank, Tekhnikabank and Respublika.

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