OREANDA-NEWS. July 1, 2008. Today Rabitabank OJSC is finishing its assimilation of the next credit line of Islamic Corporation of Development (ICD), the agreement on which was signed in Baku on November 30.

Rabitabank informed Fineko/abc.az that by present the ICD has approved three projects for \\$700,000 in total.

“The funds have already been received and placed. We also are preparing projects financed by remained part of the credit line. It will be two or three projects. We suppose to assimilate the loan fully within two or three months,” the Bank reported.

The new credit line was opened for six years with the first year of grace term and will be directed to finance SME in Azerbaijan. Thus, total amount of the ICD loans for the Bank has reached \\$2.1 million.

Rabitabank operating since 1993 has been cooperating with financial institutions since 1998 and at present along with ICD has loan agreements with International Financial Corporation (IFC) and European Bank of Reconstruction & Development (EBRD).