Finance

Finance

Black Sea Trade and Development Bank signs loan agreement with one more Azerbaijani bank

29 May 2012 14:04 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. The Black Sea Trade and Development Bank made available a USD 5 million SME loan facility to Unibank in Azerbaijan. Unibank will use the proceeds of the BSTDB loan for financing of specific projects for creation, modernization and capacity expansion and also diversification of products and services and working capital requirements of small and medium-sized enterprises in Azerbaijan. The term of the facility is 5 years.

The BSTDB financing will provide the much needed medium-term funding for SME sector of Azerbaijan, contribute to job creation as well as to institutional development and business growth of the client bank. This is the second SME loan facility provided to Unibank, after successful use of the first one provided in 2008 in the amount of USD 5 million. Besides, a Trade Finance Facility in the amount of USD 3 million has been available for use since 2005, under which the aggregate amount of disbursements has reached to USD 15.7 million.

â€œWe are pleased to continue our cooperation with Unibank and to support Azeri SMEs, which will get better services and easier access to much-needed cash for further developmentâ€, said Mustafa Boran, BSTDB Vice President Banking.

"With this financing BSTDB and Unibank continues its long-standing relationship. As one of the bankâ€™s focus activities is on financing of small and medium-sized enterprises, the project contributes to securing jobs in this field. As one of biggest commercial bank in Azerbaijan, we have a special responsibility in this issue, said Faig Huseynov, chairman of Unibank` s Board.