IBA Receives Right to Use $130 mln Syndicated Credit
At present, at the expense of the International Bank of Azerbaijan (IBA), finances are received via the syndicated credit lines of the European, American and Asian banks, organizers of which are Citigroup, JP Morgan Chase, RZB and Commerzbank, the Deputy Chairman of the Executive Board of the IBA, Asker Mammadov, informed Trend. A credit agreement was signed on 10 November 2006 and $130 mln has been attracted from the syndicate for the period of one year.
According to Askerov, as from today, the bank may fully utilize the credit. The projects in the bank are ample, with the number exceeding the amount of the credit line twofold. As a rule, such huge finances are provided for a short-term period and primarily they will be channeled towards the demands of our corporate clients (AZAL, "Azerenerji"), Mammadov underlined.
The syndicate is attended by 26 banks from 12 countries and the rate of the credit provided without guarantee equals LIBOR+0.9%.
Taking in consideration the new lines, the portfolio of the credits attracted by IBA will reach AZN 850 mln.