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IFC, Azerdemiryolbank sign a $5 million loan agreement

19 August 2008 15:42 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. As part of Executive Vice President and CEO of IFC Lars H. Thunellâ€™s visit to Baku, Azerbaijan-based Azerdemiryolbank and IFC have signed a loan agreement.
Under the agreement, $5 million will be made available to Azeri bank.
As of July 1, Azerdemiryolbankâ€™s assets stood at AZN 200.2 million, loan portfolio at AZN 153.2 million, deposit portfolio at AZN 61.5 million, total capital at AZN 32.8 million and authorized capital stood at AZN 13.3 million.
Azerdemiryolbank has been in operation since 1989.
Its shareholders include the European Bank for Reconstruction and Development (EBRD) and the Netherlands Development Finance Company (FMO).
Azerbaijan became a member of IFC in 1995. To date, IFC contributed more than $400 million to about 40 projects in the country. IFC has also implemented advisory projects in banking, corporate governance, leasing, SME development, housing finance, securities market development, investment promotion, and business environment.
The mission of IFC is to promote sustainable private sector investment in emerging markets, helping to reduce poverty and improve peopleâ€™s lives. IFC finances private sector investments in transition and developing countries, mobilizes capital in the international financial markets, helps clients improve social and environmental sustainability, and provides technical assistance and advice to governments and businesses.