IFC & UniBank to sign a loan agreement

Business Materials 26 December 2005 14:48 (UTC +04:00)

UniBank and the International Finance Corp. will sign an agreement on allocation of $5m loan to the bank for development of leasing on Monday, Aliya Nuriyeva, the chairman of the Corp. in Azerbaijan, told Trend. According to Nuriyeva, the fund will be granted to the Azerbaijani bank within the program on assistance to the leasing sector in the Central Asian countries and Azerbaijan. The loan is envisaged for 5 years and the first Azerbaijani bank receiving the loan will be UniBank.

The bank plans to direct the loan to the functioning of the UniLeasing. The company was established the bank from July 2004 with 1bn manats statutory capital.

According to Nuriyeva, the Corp. also renders technical assistance within the program that will stimulate the development of the leasing sector.