IFC to define the third participant of the financial leasing program in Azerbaijan and Central Asia

Business Materials 28 March 2006 15:55 (UTC +04:00)

International Financial Corporation (IFC) will make a decision on AG Leasing financing via the special fund designed for the leasing development program in Azerbaijan and Central Asia, IFC project head, Elchin Akhmedov told Trend.

Program ` s total budget is $30m, $5m of them already provided to UniBank. AG Leasing bank of Baku ` s applications are now reviewed.

Two credits on $15m in total were allocated by the program to Azerbaijani and Kazakh banks. Azeirgazbank, leasing company ` s co-founder, will be the third one to receive the loan.

Azerigazbank will receive a credit composed of two lines; development of small and medium business and leasing. In any case, total amount of the loan should not increase 50% of the bank ` s founding capital.