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Azerdemiryolbank to get a $16 million syndicated loan

05 September 2008 16:27 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerdemiryolbank will sign an agreement with several financial institutions to get a $16 million syndicated loan.
The bank said the syndicated loan will be arranged by Rosemount Global of the United States and Banifâ€“Banco Internacional do Funchal S.A. of Portugal.
Yusif Jabbarov, Deputy Chairman of the Bank, said the decision to receive a syndicated loan was taken at the general meeting of shareholders on May 15.
â€œThe proceeds of the loan will go to trade financing. We are attaching great importance to attraction of foreign investors to the country for the development of business,â€ he added.
The bankâ€™s liabilities to foreign financial institutions will reach $105 million, including this loan.
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).