International Bank and UBS AG sign credit agreement

Business Materials 27 April 2006 19:31 (UTC +04:00)

Azerbaijani International Bank signed a credit agreement with UBS AG to open a credit in 15m of Swiss franks, the IB told Trend. Credit is designed to finance Swiss and EU imports to Azerbaijan.

The given agreement insures deals in Export Credit Agency and Geschaftsstelle fur die Exportrisikogarantie. The maximum term of financing with the consideration of investments size will be 5 years.

The credit line has been provided with no state guarantee in order to encourage development of the private sector. However, the bank is free to use the finance in frames of the credit line and may apply them for financing of a wide range of needs in the country.