Azerbaijan, Baku / Trend corr I. Khalilova / Bank Standard is going to sign an agreement on allocation of $3mln-credit with the Islamic Corporation for the Development of the Private Sector (ICD), the President of the bank, Salim Kriman, reported on 7 September.
The Corporation defined the directions where the funds of the credit will be used. One of them is energy field. "We have to develop small-scale projects connected with these fields," Kriman said.
That will be a small credit, but the most important point is Bank Standard's cooperation with international financial institutes, he said. For the time being the bank is intensively cooperating with foreign commercial banks.
The Islamic Corporation announced extension of its operations in Azerbaijani market, as well as expansion of financing via banking system from current$7.5mln to $10mln. Besides Bank Standard, ICD is negotiating with Turanbank.
Bank Standard's credit portfolio made up AZN 310.5mln ($364.1mln) by the end of August 2007. Rise of portfolio in 2007 comprised AZN 168.2mln ($197.3mln) or 118%. In August the rise amounted to 23.7mln ($27.8mln) or 8%.