4 banks of Azerbaijan applied to IFC

Business Materials 21 December 2005 21:04 (UTC +04:00)

The International Finance corporation (IFC) is ready to expand operations in the banking sector of Azerbaijan. Four banks have applied todate to IFC for receiving loans for the development of small and medium entrepreneurship, the IFC spokeswoman in Azerbaijan Aliya Nuriyeva told Trend.

"The Corporation is ready to expand credit lines for Azerigazbank and Rabitabank, but they cannot exceed 50% of their capital in any case. We are ready to consider their inquiries in a quickest way”, Nuriyeva said.

Only Azerigazbank and Rabitabank cooperated actively with IFC in 1997. In 1997-2002 they realized per $800,000 of the first loan. The agreement on allocating the second credit line by IFC was signed in Baku 8 May 2003. Under the agreement Azerigazbank and Rabitabank received per $1,2 million. The loan has been allocated for 6 years with 2 years of delay of payments at the annual LIBOR+4,25%, rate and was realized in autumn 2004.