Baku. Elnur Huseynguluyev – APA-Economics. Azerbaijan-based Kredo Bank intends to secure a loan from EBRD this year, said Barat Piriyev, Chairman of the Board.
He said proceeds of the loan will go to small and medium-sized business in Azerbaijan.
“For EBRD partners, the initial limit is $3 million. I think this credit line will be below this limit,†he added.
In his words, the bank has already applied to EBRD for a loan.
As of April 1, the bank’s assets stood at AZN 37.074 million, loan portfolio at AZN 25.302 million, deposit portfolio at AZN 9.071 million, total capital at AZN 13.776 million and authorized capital at AZN 13.040.
Owned by 11 local individuals, Kredo Bank has been in operation since 1994.
The bank operates 13 branches across the country.
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