IFC may approve opening of credit line to Azerigazbank in February

Business Materials 14 January 2006 14:17 (UTC +04:00)

Decision on opening of the next credit line for the Joint-Stock Commercial Azerigazbank by the International Finance Corporation (IFC) is expected to be made till 15 February, the banks board chairman Azer Movsumov told Trend. According to him, the bank cooperates

with IFC since 1998, however only $1,6 million has been received only, from which only $1 million is left, the rest have been given back.

The corporation plans during one two months to take a decision on one of the Azerbaijan banks, the IFC spokeswoman in Baku Aliya Nuriyeva told Trend. For the moment there are 2 or 3 banks willing to receive for the small and medium size business development to be considered by IFC. However, IFC is ready to give package funding, which will be also possible for Azerigazbank, as its daughter company AG Leasing submitted application for involvement in the leasing program development in the Central Asian states and Azerbaijan. The programs total budget is $30 million, from which $5 million are allocated for UniBank only so far. In any case, under the IFC conditions the loan size is not to exceed 50% from the banks authorized capital, therefore, Azerigazbank may receive some $ million.