DEG to allocate $3m credit line for Unibank

Business Materials 25 November 2005 13:37 (UTC +04:00)

DEG investment company, a member of German KfW, is ready to open a credit line for commercial UniBank to develop small and medium entrepreneurship. “The credit comprises $3m,” Eldar Garibly, the chairman of the Observation Council of the bank, told Trend.

“Earlier signing of the credit agreement was planned along with registration of 8.33% share of DEG in the bank, but then the two events were divided. We will sign the credit agreement during 2 weeks,” Garibly said.

DEG has presented $2m credit to the Bank Respublika in 2005 and prepares to increase it up to $3m DEG plans to invest $30m in the financial sector of the country during 2 or 3 years.