Baku. Nijat Mustafayev – APA-Economics. Yesterday in Baku Philipp Kreutz, a member of management board of investment corporation DEG, and UniBank’s chairman of board Faig Huseynov signed an agreement on the extension of a 6-year credit line of $15 million, opened in 2008.
At the signing ceremony Huseynov claimed that although due to its long-term nature the funds will be counted in the capital of II order, extension of the credit line is not linked with the management of liquidity or any problems in UniBank.
"The DEG facility has already allowed us to finance hundreds of business projects, and its extension will expand UniBank’s capabilities in financing micro, small and medium-sized businesses," Huseynov said.
He added that the Bank had not any problems with using the line of credit.
"The new agreement is part of UniBank’s strategic line to attract long-term funding - events of 2008, 2009 and 2010 related to the global economic crisis taught us a lot. Today the Bank also has no problems with funding. Deposits attracted from the population reached a historic high of 300 million manat," Huseynov said.
At that, such lines as a loan from DEG allow to diversify funding and resource base in terms. For example, last week the Bank raised a 5-year loan of $5 million from the Black Sea Trade and Development Bank (BSTDB).
"In 2013 we are preparing three more such agreements. For example, we expect to sign two agreements for $8 million and $13 million with one of the institutional banks, and the third one with a commercial bank in the amount of $20-25 million," Huseynov said.
He emphasized that these plans are linked Bank’s positioning in the international capital markets.
"We want to be participants of the incipient recovery in the markets," Huseynov stated.
It should be noted that DEG is UniBank’s shareholder with 8.33% equity stake.
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