IFC commences Technical Support to Azerbaijani Bank
Azerbaijan, Baku / Trend / The International Finance Corporation (IFC) have launched the implementation of the project in offering technical assistance to the Azerbaijani commercial bank Rabitabank. The poject envisages rendering consultation services to Rabitabank by international experts which have major experience in working with the world biggest financial institutes. They will cover the expansion of the information management system of the bank, strategic planning and risk management.
The consultation services are rendered within the framework of an agreement signed between Rabitabank and IFC in March 2007.
The agreement targeting support to the development of small and medium-scale business, envisages opening of a credit line for the Azerbaijani Bank and the purchase of the bank's stock by IFC to the amount of 10% to 20%.
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.
At present along with the IFC, Rabitabank also co-operates with the Islamic Development Bank, as well as the EBRD. The total amount of credit allotted for the Bank is $8mln.