AIB and BNP Paribas signed credit agreement in amount of $50m

Business Materials 6 June 2006 19:00 (UTC +04:00)

Today an agreement was made between the Azerbaijan International Bank (AIB) and BNP Paribas of France on opening of a credit line in amount of $50m (or its EURO equivalent), Asker Mammadov, the deputy chief of the department of AIB, informed Trend . At the expense of this credit, there will be financed contracts with the participation of export agencies on insurance of export contracts (Export Credit Agency) from OECD countries.

BNP Paribas is our old partner and we have been cooperating with this bank since 2001. we have a line to the finance market and now the bank decided to open a credit line for the long-term finance with the participation of the export agencies on insurance of export contracts, said Mammadov.

At the expense of the credit line of BNP Paribas, the projects will financed depending on the implementation period of the project. Today AIB has limits from all export-credit agencies of the country, said Mammadov.

Due to signing of the agreement the limit for AIB in Finanace market will change. BNP Paribas started with $6m. Today the BNP Paribas open $12m credit line to AIB for documentary operations.