Azerbaijan, Baku Trend corr I. Khalilova / SOA Credit non-bank organization (named Shore Overseas before 2006) is expecting to receive the second tranche of OPIC (Overseas Private Investment Corporation) credit line in the sum of $7.5mln by the end of August. The credit line was approved at the end of 2006 for 9 ? years, according to the credit organization. The credit is allotted in three equal parts. The first tranche ($2.5mln) was opened in February and the third is expected to be allocated in November.
OPIC, the only U.S. company dealing with foreign investments, began financing SOA Credit in 2004. The first credit line in the sum of $2.5mln was approved for 7 years.
The funds allotted by OPIC are used for the financing of business credits and the mortgage program of SOA Credit. For today, the portfolio of SOA Credit makes up $8.1mln, but is planned to be increased to $12-13mln by the end of the year.
For the time being Shorebank International (international consulting company) which is a part of the American Shorebank group is the 100% founder of SOA Credit.