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Black sea bank to transfer 3rd installment of credit to AMFB in 2006

Business Materials 26 December 2005 11:34

In January 2006 the Azerbaijani Micro-Finance Bank (AMFB) intends to receive from the Black Sea Bank for Trade and Development (BBTD) will approve a credit installment for the development of micro and small entrepreneurship, Thomas Engelhard, the chairman of the managing Board of the AMFB, told Trend.

Total amount of the credit line opened for Azerbaijan this year makes up $3m. $2m of them has been already assimilated in two installments $1m each. The AMFB opened the credit for 4 years. The bank, however, could not use the last installment of the BBTD owing to other credit lines it was awarded. This year the AMFB placed a $5m credit of the European Bank for Reconstruction and Development and $3m credit of the International finance Corporation (IFC).

So far, total portfolio of credit investing by AMFB comprises $16.7m. By late 2005 it is expected to exceed $17m.

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