Azerbaijan, Baku / corr Trend I.Khalilova / Asgar Mammadov, the Deputy Chairman of the Managing Board of the International Bank of Azerbaijan (IBA), announced that IBA has reached an initial agreement with the Black Sea Bank for Trade and Development (BBTD) on the issuance of a $12mln loan. The funds will be allocated for financing the second project on the construction of a high-class business centre.
"The project will be implemented without the frames of trade financing of the BBTD. The new credit is to be approved by the BBTD and the Managing Board of the IBA," Mammadov said. The funds were spent on the construction of a glass plant and this project is in the stage of implementation.
The IBA continues spending the BBTD credit allocated for trade financing in the amount of $6.5mln. "The line is constantly busy, because all twelve Black Sea basin countries, including Ukraine, Russia, Turkey, Bulgaria, Romania, Albania, and Greece are Azerbaijan's trade partners. Particularly, Turkey, Ukraine and Russia widely use this credit line for financing trade operations," he added.