Azerbaijan, Baku / Trend , corr I.Khalilova / On 15 March, Rabitabank stock commercial bank and the International Finance Corporation (IFC) signed an agreement to open a credit line for Azerbaijani Bank.
IFC approved the opening of a credit line for Rabitabank in the amount of $2mln. The credit was allocated on a 5-year term at the rate of LIBOR+4.25%.
Martin Kimming, IFC Global Financial Markets Department Head for South Europe and Central Asia, stated that investments of the corporation will support the implementation of the IFC strategy in Azerbaijan by developing small and medium-scale business.
Under the credit agreement, IFC will also present to Rabitabank technical assistance in the amount of $300,000. The consultation services will be rendered for expansion of information management system of the bank, strategic planning and risk management. It will lead to the strengthening of institutional potential of the bank.
New investments will strengthen Rabitabank's position at the market and expansion of medium-scale enterprises.
Rabitabank is co-operating with the international financial organizations since 1998. The General portfolio of credits is $8mln, which will be attracted from IDB and EBRD along with IFC.