DEG to allocate second credit to Bank Respublika
The DEG investment company, a member of the KfW German Bank of Development group, extends the loan to the joint-stock-commercial Bank Respublika. In addition to the allocated in April $ 2 millions, DEG will allot $3 million more, a member of the bankвЂ™s Supervisory Board Elchin Guliyev told Trend.
"The means will be allocated for 4 years and final formalities are being completed for making the loan agreementвЂќ, Guliyev said.
The first credit was allocated for the period of 5 years with the 2-year preferential period at the LIBOR+5% yearly rate. Since 2005 DEG owns 16,7% of the bankвЂ™s shares by the nominal price of 4,84 billion AZM. During 2-3 years DEG plans to invest up to $30 million in the financial sector of Azerbaijan.