Another Azerbaijani bank may issue loans for IT projects
Baku, Azerbaijan, Nov. 30
By Huseyn Valiyev – Trend:
Azerbaijan’s Kapital Bank may start issuing loans for IT projects through the State Fund for Development of Information Technologies, the State Fund told Trend.
Assigning the status of an authorized agent of the State Fund to Kapital Bank is still subject to discussions. A decision on this can be made in the meeting of the state fund’s supervisory board.
Pasha Bank, Bank Respublika, Demirbank, Rabitabank, Bank BTB and Xalq Bank are currently the authorized agents of the State Fund.
It is envisaged to issue small, medium and large loans to finance the IT projects. The amount of small loans may vary from 10,000 to 50,000 manats (for three years), the medium loans may vary from 50,000 to 500,000 manats (up to five years), and the large loans may vary from 500,000 to 5 million manats (up to 10 years).
Annual interest rate on the loans is 5 percent.
Official exchange rate for Nov. 30 is 1.7318 AZN/USD.