Finance

Finance

Demirbank attracts new loan from abroad

27 February 2012 12:42 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. DemirBank and Holland Investment Company ASN-Novib Microkredietfonds have signed a new loan agreement on raising credit for $2.5 million.

The bank reports that the agreement was signed under organizational support of Holland Company Triple Jump B.V.

â€œThe bank will direct the funds within the concluded agreement on crediting of small and micro entrepreneurship. This, already the second agreement between DemirBank and ASN-Novib has been signed for a 2-yera period. DemirBank obtained funds for totally $7.5 million from the company, including the new agreementâ€, Deputy Chairman of the Bank Board Yusif Jabbarov noted.

DemirBank is cooperating with over 20 international organizations on credit programs. Among them there are European Bank for Reconstruction and Development, International Financial Corporation, Asian Development Bank, Black Sea Trade and Development Bank, German Investment Company DEG, Fund for International Development OFID, Islamic Corporation on Private Sector Development, USAID and others.

One of the countryâ€™s first banks DemirBank (former name Azerdemiryolbank) started operating in 1989. Among the Bankâ€™s shareholders are large international financial organizations such as European Bank for Reconstruction and Development and Holland Financial Development Company (FMO).