BSTDB opened first tranche for UniBank

Business Materials 12 January 2006 16:06

UniBank has taken the first tranche of the Black Sea Trade and Development Bank (BSTDB) credit line in the amount of $700 thousand, which tranche will be utilised to finance one food product export project worth $200 thousand and one motor import project worth $500 thousand, Trend reports.

UniBank is the first private bank in Azerbaijan to be in receipt of a trade financing facility from the BSTDB. The BSTDB extended the no-fixed-period revolver credit line to the Bank for promotion of the trading relations with the BSTDB Member-States. The total amount of the credit line in question equals $3 mn.

The BSTDB credit line may be utilised towards the costs of export and import operations constituting one of the most important elements of the efficient economic growth promotion. The relevant agreement was signed on 28 November 2005 and that the on-lending has started so rapidly is of extreme importance to us, noted Faig Huseynov, Chairman of the Executive Board of UniBank.