Azerdemiryolbank uses up EBRD loan

Azerdemiryolbank uses up EBRD loan
# 23 December 2008 08:57 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. AzerdemiryolBank JSC started short-term financing totaling $3.35 million from the EBRD Revolving Fund on December 15. Thus the EBRD credit line raised up to $16 million in 2007 has been almost completely used by now.
The Vice-Chairman of AzerdemiryolBank, Yusif Jabbarov, said the new projects supported by the bank (worth $2 million and $1.35 million respectively) envisage the acquisition of trade and industrial equipment from Asia and Europe. “The bank intends to continue its assistance to businessmen in the financing of foreign trade operations,” he said.
The AzerdemiryolBank – EBRD cooperation started in 1999. The sides have closed deals totaling $42.5 million on several programs since then. The deals regard the crediting of micro, small and medium-range businesses. EBRD became a shareholder of AzerdemiryolBank in 2005. It has 25% + 1 share in the capital.
As of October 1, Azerdemiryolbank’s assets stood at AZN 226.6 million, loan portfolio at AZN 171.7 million, deposit portfolio at AZN 63.91 million, total capital at AZN 34.13 million and authorized capital at AZN 13.4 million.
Azerdemiryolbank has been in operation since 1989. The European Bank for Reconstruction and Development (EBRD) holds a 25%+1 stake in the bank, leaving 10% to the Netherlands Development Finance Company (FMO), 10% to legal entities and the rest to about 850 individuals.
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