UniBank received first tranche of Islamic Corporation for private sector development

Business Materials 26 October 2005 15:01 (UTC +04:00)

The commercial UniBank received the first tranche on the credit line of the Islamic Corporation for the Private Sector Development (ICD), allocated to the Bank for financing of small and medium entrepreneurship in the amount of $1,7 million for 6 years, the bank’s press-release spread on 26 October reads, Trend reports.

The size of the first tranche allotted for funding the construction project is $120,5 thousand.

The bank’s Board chairman Faig Huseynov noted, the project is the next step on facilitating the small and medium-size entrepreneurship in Azerbaijan, which is one of the UniBank’s priorities.

В"For today 57% of the bank’s credit portfolio make up business credits. It should be also noted the total size of credit lines, allocated to UniBank by various international financial institutions is currently about $23 million. This is a serious figure, indicating large opportunities of the bank and we plan to further develop and enhance this line”, Huseynov noted.