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Demirbank borrows syndicated loan from abroad

06 October 2011 14:27 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based Demirbank will sign contracts with several European financial organizations on borrowing of syndicated loans, on October 12, 2011. Sum of the loan will be $25 mln, said the chairman of Board of Directors Roman Amirjanov.

According to him, the leading financial organization in borrowing of loan is Netherlands Development Finance Company: â€œSeveral European financial organizations take part in borrowing of loan. Besides, Demirbank holds talks with Black Sea Trade and Development Bank to borrow more loans. According tom plans, on February 15, a contract on borrowing of $15 mln-loan is expected to sign, on February 15. Note that, al loans are planned to direct to the financing of small and medium businessâ€.

Amirjanov also noted that, Demirbank held talks with EBRD and other foreign funds on subordinated loans.

Remind that, Demirbank has been in operation since 1989. The bank operates 31 branches and departments across the country.