Bank Of Baku

Demir Bank borrows new external loan

Demir Bank borrows new external loan
# 09 January 2012 08:19 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Azerbaijan-based Demir Bank has signed a memorandum of agreement on borrowing of additional fund from Black Sea Trade and Development Bank (BSTDB).

Bank says according to contract, BSTDB will allocate $15 mln to Demir Bank.

Deputy Chairman of Bank’s Board of Directors Yusif Jabbarov says Demir Bank has been in cooperation with BSTDB since 2006: “This is the third contract, signed between the sides. Term of contract is 5 years. The loan will be directed to micro, small and medium business. Totally, $40 mln was allocated to Demir Bank by other international organizations during 2011”/

Remind that, Demir Bank has been in operation since 1989.
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