IFC may take a stake in Azerbaijan’s Rabitabank this year

IFC may take a stake in Azerbaijan’s Rabitabank this year
# 07 October 2008 13:48 (UTC +04:00)
Baku. Nijat Mustafayev – APA-Economics. IFC is likely to take an equity stake in Azerbaijan-based Rabitabank by the end of this year, said Aliya Azimova, the IFC Officer in Azerbaijan.
“IFC may take an up-to-20% stake. Negotiations are under way,” she added.
In 2007, IFC extended a $2 million credit line to Rabitabank with a convertible option.
Under the agreement, the long term funding would allow the Bank to strengthen its balance sheet in view of the expected expansion and increased demand for funding from MSMEs, entrepreneurs and individuals. The investment would be accompanied by targeted technical assistance to contribute to the institutional capacity building of the Bank and improve such areas as Risk Management, Strategic Planning, and MIS.
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