EBRD & Bank of Baku Sign Agreement on Revolver Crediting Import-Export Operations of Bank's Clients

Business Materials 8 December 2006 14:48 (UTC +04:00)

On 8 December 2006 the European Bank for Reconstruction & Development (EBRD) and Bank of Baku signed an agreement on revolver crediting in the amount of $4mln for further financing of import and export operations of the bank's clients, Trend reports.

The agreement will enable the bank to use unspent lines on trade financing for issuing short-term credits for the term of 360 days.

By the end of 2006 the Bank of Baku and EBRD plan to sign their next agreement on joint financing of the bank's large corporate clients for the total amount of $5m.