OREANDA-NEWS. May 02, 2008. The International Bank of Azerbaijan (IBA) is ready for spending a loan reserved for it by Asian Development Bank (ADB), reported the press-centre of IBA.

IBA Deputy Chairman of Board Vagif Akbarov said that unfortunately no intense negotiations are being conducted now, although they find it interesting to co-operate with such bank as ADB.
“In particular, it would be interesting if ADB would awards rating for our securities. It increases perspective of the deal,” Akbarov said.

On December 14, 2007 William Willms, the director of Asian Development Bank (ADB) Capital Markets & Financial Sectors Division (PSCM), and Vagif Akbarov signed an agreement on a \\$20 million subordinated, unsecured and inconvertible loan.

The ADB Board of Directors approved disbursal of up to \\$40 million loan to the IBA, but in connection with client’s demands, the loan will amount \\$20 million.

“The balance of \\$20 million will be kept by the IBA for spending in the future. If necessary, the IBA will raise these funds for subordinated financing. Availability of free limit will simplify our cooperation on other financial tools,” Mr. Willms said then.

The finances were raised under 6-month rate Libor+3.85% in the first-fifth crediting years and 6-month Libor+5.35% in the sixth-eighth years.