Rabobank Opened Back Up Line for International Bank of Azerbaijan

Business Materials 15 August 2006 13:15 (UTC +04:00)

The International Bank of Azerbaijan and the Holland Bank of Rabobank has signed credit agreements to the total sum of в'¬7,28 m. The credit means will be assigned for the construction of the diary centre in Shaki by the company of Shaki Agro Industries., Trend reports referring to the press-release of the International bank of Azerbaijan. The equipment for the center will be delivered by the Holland Company of HVA International.

This agreement will provide regional entrepreneurs engaging in non-oil sectors of the economy with cheap financial means and create prerequisites for new jobs; it is marked in the message.

Over the last years the International Bank of Azerbaijan has financed several big projects in the agro sector of the economy, for example, the buying of equipment for the cotton industry (as a consequence of this, the output had been increased for a short period of time, 1,500 permanent full-time jobs, and 40,000-50,000 temporary season part-time jobs had been created), the reconstruction of the factory on silk production (1,800 permanent jobs had been created, and over 4,000 families had been engaged in preparation of pupa of silkworm), etc. Within the agreements with the American Valmont Industries Inc, the delivery of equipment for the cotton-growing companies of CTS Agro and MKT Д°stehsalat Kommersiya, as well as for the Company of Anadolu Kand Tasarrufati Mahsullari which is engaged in white beat growing.

In 2006 the International Bank of Azerbaijan has already signed several credit agreements with such big banks like BNP Paribas (to the sum of в'¬50 m.), Sumitomo Mitsui Banking Corporation ($15 m.), UBS AG (15 m. Swiss Franks), etc. The main goal of all the contracts is to finance delivery of goods from Japan and European countries to Azerbaijan.