Azerdəmiryol Bank receives loan from SIFEM AG for the first time

Azerdəmiryol Bank receives loan from SIFEM AG for the first time
# 26 December 2008 08:02 (UTC +04:00)
Baku. Elnur Huseynguluyev – APA-Economics. Azerdemiryol Bank JSC has made a new step to develop its foreign business cooperation and strengthen the financing of Azerbaijan’s economy. The bank received a loan from SIFEM AG (a Swiss investment fund for emerging markets) on December 22 for the first time. According to the contract, the $7 million loan will finance micro, small and medium-range enterprises and will work for five years, with 24 months of grace period.
The Vice-chairman of the bank’s board, Yusif Jabbarov said the contract signed with SIFEM during the global economic crisis once more proved Azerdemiryol Bank’s reliability and good reputation. He said the loan would help to meet the currently rising demand for loans and to support the businesses of the bank’s non-oil-sector customers. “The signed contract is also important because the loan is a long-term one, which allows financing agricultural, processing and other enterprises”, he stated.
According to the latest news, the bank has started using the new credit line and has corroborated several applications.
As of October 1, Azerdemiryol Bank’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.
Azerdemiryol Bank 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.
#
#

THE OPERATION IS BEING PERFORMED