Finance

Finance

DemirBank signs new loan agreements for $4 million of borrowing.

10 March 2010 15:10 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan based DemirBank has signed new loan agreements with 2 European financial institutions for $4 million of borrowing.

According to head office of DemirBank one of the agreements was signed with Belgiumâ€™s Volksvermogen on a $1.5 million loan with organization mediation of micro financing fund Incofin Investment Management. Another agreement was signed with Luxembourgâ€™s Wallberq Invest and Lichtensteinâ€™s EMF Microfinance Fund on a $2.5 million loan with mediation of Luxembourgâ€™s Symbiotics SA Information, Consulting & Services.

â€œDue to won confidence, DemirBank continues successful activity on raising financial resources from international finacial institutions. Within the signed agreements the Bank will direct the raised finances for micro and small crediting and for rural crediting. Both agreements were signed for two years that will promote to development of these directions of crediting,â€ said Yusif Jabbarov, DemirBankâ€™s deputy chairman of board.

One of the first banks of Azerbaijan, DemirBank (formerly called Azerdemiryolbank) operates since 1989. Among the Bankâ€™s shareholders are such large international financial institutions as European Bank for Reconstruction and Development (EBRD) and Netherlands Development Finance Company (FMO).