Bank Respublika to start realization of EBRD credit line
The joint-stock - commercial bank Respublika starts realization of the credit line of the European Bank for Reconstruction and Development (EBRD) from this month within the program for micro and small entrepreneurship development program, the banks acting chairman of board of directors Asef Zeynalov told Trend. Signing of the agreement between EBRD and the Azerbaijans bank on opening the credit line for $2 million took place on 19 December 2005.
According to Zeynalov, realization of the credit line funds is planned to complete during 5-6 months. The loans are not big and the number of clients will be large, therefore realization will not be quick, the head of the bank noted.
With all this, the banks priority is funding the projects in the regions. According to him, loans in Baku are considered from $10,000 to $20,000, but mostly the funds are supposed to be placed in the districts. The actual applications are already under consideration at the banks Guba branch.
The loan has been allocated to the Respublika bank for 4 years. The interest rate on the banks credits is libor+4,5%. The minimal sum of the loan for each borrower may be $100, and maximum $100,000.