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Amrahbank gets a new credit line for trade financing

29 July 2009 13:55 (UTC +04:00)

Baku. Elnur Huseynguluyev - APA-Economics. Azerbaijan-based Amrahbank has received a $1 million loan from the International Islamic Trade and Finance Corporation Islamic (a member of the Islamic Development Bank - IDB).

Chairman of the bankâ€™s Board of Governors Emil Mammadov told APA-Economics that proceeds of the loan will go to trade financing such as import transactions by small and medium-sized enterprises.
â€œOne of the strategic objectives of the bank is to expand -term cooperation with international financial institutions in new lines of credit, equity investment, technical assistance projects and other areas. We are pleased to see the Corporation among our foreign partners, and we are confident that our cooperation will help meet the needs of small and medium-sized enterprises in the sphere of international trade,â€ he added.
Amrahbank was founded by five local physical entities (51%) and Bahrain International Investment Bank (49%) in 1993. The bank has 23 branches, 15 ATMs and 42 POS-terminals.