Bank Of Baku

DemirBank gets from $5 million from SNS Fund

DemirBank gets from $5 million from SNS Fund
# 08 December 2009 16:13 (UTC +04:00)
Baku. Elnur Huseynguluyev - APA-ECONOMICS. Azerbaijan’s DemirBank has secured a $5 million loan from the SNS Institutional Microfinance Fund.

The bank said proceeds of the 3 year loan will go to on-lent to businesses.

DemirBank (Azerdemiryolbank) has been in operation since 1989. The European Bank for Reconstruction and Development (EBRD) holds a 25%+1 stake in the bank, leaving 10% to the Netherlands Development Finance Company (FMO), 10% to legal entities and the rest to about 850 individuals.
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