Bank Of Baku

EBRD continues to support banking sector in Azerbaijan

EBRD continues to support banking sector in Azerbaijan
# 25 June 2009 13:21 (UTC +04:00)
Baku. Nicat Mustafayev – APA-Economics. The EBRD Board of Directors has approved USD 37 million in loan for Azerbaijan’s UniBank, said Francis Delaey, head of the EBRD office in Baku.

According to him, the loan agreement will be signed in July.
Under the plan, a financing package of up to USD 83 million will be extended to Unibank in the form of equity, convertible bonds and senior debt.

The package is envisaged to be co-financed by Deutsche Investitions- und Entwicklungsgesellschaft mbH (‘DEG’), the Netherlands Development Finance Company (‘FMO’), and the Development Bank of Austria (‘OeEB’).
As part of the project, EBRD will provide Unibank with USD 37 million new financing in the form of:
• Senior Debt in the amount of USD 18.5 million ( the remaining USD 32.5 million to be financed by DEG, FMO, and OeEB)
• Convertible Bond in the amount of USD 17.5 million (the remaining USD 7.5 million to be financed by DEG)
• Equity investment in the amount of USD 1.1 million
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