Unibank Completed On-Lending an IFC Credit Line

Business Materials 13 December 2006 17:15 (UTC +04:00)

Azerbaijan Commercial Bank UniBank has used up the funds allocated by the International Finance Corporation (IFC) for the finance of the lease projects, Trend reports referring to a message spread by the Bank

The line in the total amount of $5 mln has been used to finance more than 30 projects concerned with construction of residential, infrastructural and industrial facilities, as well as with production of construction materials, the food industry, retail and wholesale trade, transport, the financial affairs, public health care, et cetera.

It is especially pleasant to us to know that the line in question has been applied specifically to promotion of the leasing business because this financial instrument is extremely high in demand in the market of Azerbaijan, said Faig Husseynov, Chairman of the Executive Board of UniBank.

The above-mentioned line has been used via the channels of UniLeasing, of which UniBank is a 100% founder. This has greatly increased the potential of the company this year.

It will be remembered that UniBank and the IFC signed the line agreement on 26 December 2005 and that the finance was provided for 5 years.

UniBank is the first bank in Azerbaijan to have borrowed a leasing credit line from the IFC.