AGBank Announced Plans on External Borrowings in 2007

Business Materials 17 February 2007 10:58 (UTC +04:00)

Azerigazbank (AGBank) is expected to attract external borrowings to the sum of AZN 20 mln. in accordance with the strategic plan. Azer Movsumov, the Chairman of the Board of the Bank, has told Trend that AGBank intends to keep on working with international finance institutions it cooperates with вЂ" IFC, ADB (Asian Development Bank), EBRD.

According to him, as soon as an audit report is received in March, 2007, meetings with both the old and new partners are expected to be resumed.

The total amount of funds borrowed by AGBank currently reaches AZN 20 mln. Last year AGBank received credit lines from the following international institutions: $4 mln.(ADB), $4,5 mln. (EBRD) , $4 mln (IFC). Up to date, for example, the Bank has received up to $10 mln. from EBRD.