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NorMicro to receive $8 million from Deutschbank next year

10 November 2008 13:46 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Norwegian Microcredit LLC (â€œNorMicroâ€) non-bank lending institution will receive an $8 million loan from Deutschbank in 2009, the Director General Bahman Asgarov told APA-Economics.
He added that a $1 million loan will also be received from EBRD.
â€œWe are negotiating with other donors, like Tripple Jump, InkoFin and other financial foreign institutions. We plan to receive large-size loans from them,â€ he added.
NorMicro has to date received $9.5 million from foreign donors.
He noted that the institutionâ€™s assets are predicted to grow by 0.5% to $14.3 million this year.
According to him, net profit is expected to slow down 17.6% on the prediction to $1.7 million at the year-end because of financial crisis in the world.
NorMicro plans to cut interest rates on loans to 2.5% from 3% per annum.
Besides its 11 branches covering 20 regions, it plans to open 6 branches in 2009.