Azerbaijani Bank and EBRD Sign $6mln Agreement

Business Materials 14 December 2006 13:21 (UTC +04:00)

On 13 December 2006 Bank Respublika and the European Bank for Reconstruction and Development (EBRD) signed an agreement on opening $6mln credit line for Bank Respublika, Trend reports.

Funds under credit line are allocated within the framework of a program on co-financing and will be directed at crediting projects in the sphere of small and medium enterprise.

Bank Respublika cooperates with EBRD since 2004. As a result of agreements signed, EBRD allotted $18.7 mln to Bank Respublika.

Bank Respublika also cooperates with the Asian Development Bank, the Dutch Financial Company, the German-Azerbaijani Fund, the Black Sea Bank for Trade and Development, an Investment Company DEG, Bankgesellschaft Berlin, Raiffeisen, Commerzbank, the National Fund for Business Support, the Azerbaijani Mortgage Fund and other financial organizations.

Total amount of credit lines opened by different financial institutes for Bank Respublika exceeds US $70mln, which expands the Bank opportunities in the approval of long-term business-loans for clients and services for trade financing at more favorable conditions.