Azerigasbank hopeful for assimilation of a credit line of Malaysian Eximbank
Azerigasbank joint-investment bank plans to complete the use of a credit line of the Malaysian Eximbank in summer 2006, the chairman of the Managing Board of Azerigasbank, Azer Mohsumov, told Trend. The $3m credit line with the term of 6 years was opened for the bank in 2005, while the use of the first installment is to start.
As the goods should be delivered from Malaysia, there are some difficulties with their assimilation. Moreover, it is difficult to find beneficiaries who will agree delivery of goods on payment by installments, Mohsumov underlined.
Several projects are under consideration and their financing can come to an end through assimilation of the first tranche in the amount of $1.5m. Azerigasbank plans to open accredits on the term of 10% a year. The credit line is designed for commercial financing.