Azerbaijan`s TekhnikaBank has commenced negotiations with BSBTD (Black Sea Bank for Trade and Development) on receiving the second credit line. Samir Husseynov, President of TekhnikaBank told Trend that it will be aimed at mortgage financing.
He thinks that the BSBTD credit can be received in the beginning of 2007. At present, appraisal works are underway, since mortgage financing needs a mechanism. At the same time, Mr. Husseynov does not rule out the fact that it can be similar to the mechanism of financing at the expense of AMF (Azerbaijan Mortgage Fund), or even will be a simplier.
TekhnikaBank is an active partner of AMF, and has granted 32 mortgage credits to the total sum of 783.000 AZN at the expense of the Fund.
That will be the second credit line the Bank will receive from BSBTD. The first line at the volume of $2, with the interest of LIBOR +2.5 per cent, and with one year term was received on the basis of the agreement signed with BSBTD on June 12, 2006.
According to Mr. Husseynov, this credit line has been completely spent, and owing to these funds, totally 27 projects in the sphere of industry, food industry, equipment acquiring, etc About $20.000 50.000 were spent on each of these projects.
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