Finance

Home page

Finance

Azerdemiryolbank to get $3 million IDC loan

01 September 2008 13:42 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based Azerdemiryolbank is receiving the first loan from the Islamic Corporation for Private Sector Development (ICD).
Yusif Jabbarov, Deputy Chairman of the Bank, told APA-Economics that the $3 million loan will come for 6 years. Under the agreement reached between the parties, the funds will go to projects related to small and medium-sized businesses, including agribusiness, biotechnology, education, production, healthcare, IT, multimedia, telecommunications and transport.
ICD intends to expand the scope of cooperation with Azerdemiryolbank in 2009.
Azerdemiryolbank has good cooperation with IFC, EBRD, FMO, DEG, BSTDB, OPIC, US investment Fund and other international financial institutions.
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).