AGBank is first bank in Azerbaijan that Issues Letter of Credit under IFC Guarantee

Business Materials 29 August 2006 15:31 (UTC +04:00)

For the first time in Azerbaijan, Azerigazbank (AGBank) and International Finance Corporation (IFC) concluded an international transaction on the issue of Letter of Credit in favor of foreign companies. The transaction was made within the framework of the contract and signed between AGBank and IFC on 13 June 2006, Trend reports quoting a statement by the bank.

The Letter of Credit was issued for financing trade and supported by the Finance Corporation.

According to the Chairman of Board of Azerigazbank Azer Movsumov, AGBank and IFC have been in intense liaisons for 8 years. Today the gross amount of the finance allocated by IFC to AGBank equals $5.2 million, with $4.2m for the development of small and medium enterprises and $1m for trade financing.

AGBank was registered by Azerbaijan International Bank on 9 November 1992. From May 1997, the bank, as an agent-bank, participates in the realization of the TACIS program. The bank has been a member of Europay International since December 1997 and a member of SWIFT since November 2000.