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IBA-Moscow to get new foreign loan

IBA-Moscow to get new foreign loan

16 October 2009 16:45 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. IBA-Moscow, a subsidiary of International Bank of Azerbaijan in Russia, will secure a syndicated loan worth of $30 million to $35 million.

Fuad Abdullayev, Chairman of the Bank, said the loan will be arranged by Rosemount Capital Management and VnesTorgCapital, a subsidiary of VnesTorgBank (VTB).

â€œProceeds of the loan will go to the expansion of credit transactions and trade financing,â€ he added.

IBA-Moscow has been in operation since 2002.

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