OREANDA-NEWS. December 31, 2008. With the purpose of providing sustainable financing of country’s economy, Azerdemiryolbank OJSC has made the next step towards expansion of the international cooperation.

Azerdemiryolbank informed that last week for the first time it raised a loan from the Swiss Investment Fund for Emerging Markets (SIFEM AG). Under the signed agreement, a USD 7 million loan is extended for five years, including a 24-month privileged period for SME financing.

Azerdemiryolbank Chairman of the Board Yusif Jabbarov said the agreement concluded with SIFEM within conditions of the global economic downturn proves the Bank’s authority and high trust in it.

“The raised funds will satisfy lately grown demand for loans and support our clients’ non-oil businesses. The importance of the agreement is that this is a long-term loan enabling the financing of agriculture, processing and other industrial enterprises,” Jabbarov said.

Let’s mention that assimilation of the new credit line has been already started and the Bank has confirmed a row of considered requests.

Azerdemiryolbank, one of the first commercial banks of the country, was established in 1989. Its shareholders are such financial institutions as the European Bank of Reconstruction and Development (EBRD), FMO (Holland). Azerdemiryolbank operates through 30 branches located in Baku and regions.