Baku. Nail Huseynli – APA-Economics. German Investment Company (DEG) and DemirBank have signed Subordinated Term Facility Agreement.
The DEG will issue an amount of USD 12,000,000 for the term of 10 years according to provisions of agreement signed in Germany. The purpose of the loan is to strengthen the Tier II capital, whereas the proceeds of the loan will be used for financing of small and medium sized entrepreneurship.
This is the fourth agreement concluded between the DEG. DemirBank and DEG cooperate since 2007 and total amount of all transactions amounts to USD 21 mln
DemirBank cooperates on various credit programs with international financial institutions, such as European Bank for Reconstruction and Development, International Finance Corporation, Holland Financial Company for Development (FMO), Black Sea Trade and Development Bank, German-Azerbaijan Fund, German Investment Company DEG, International Development Fund OFID, Islamic Corporation on Private Sector Development, Trade-Finance Fund Rosemount Global (USA), BANIF (Portugal), Investment Fund SIFEM AG (Switzerland), ING BANK (Netherlands), etc.
The first commercial bank of Azerbaijan, DemirBank started its operations in October 1989. Shareholders of the Banks include large international financial institutions, such as the European Bank for Reconstruction and Development (EBRD) and Netherlands Development Finance Company (FMO). DemirBank has “B” rating with “stable” forecast of Fitch Ratings and “B” rating with “positive” forecast Planet Rating. These ratings are one of the best in Azerbaijan banking sector.
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