OREANDA-NEWS. January 07, 2009. AzerdemiryolBank JSC received a loan (US3 million) from ING Bank from the Netherlands on the first workday of 2009, reported the press-centre of AzerdemiryolBank.

The 12-month loan will support microfinance businesses in Azerbaijan.

The Vice-Chairman of AzerdemiryolBank, Yusif Jabbarov said this has become the first experience of cooperation in micro crediting between a Dutch bank and an Azerbaijani lending agency. He said the sides closed the deal on December 23, 2008 and AzerdemiryolBank managed to fulfill all the requirements to receive the loan in such a short time.

The very fact of giving a loan to AzerdemiryolBank by a foreign commercial bank in the conditions of continuing global financial crisis proves the existence of high trust to the Azerbaijani bank.

AzerdemiryolBank has borrowed US 33.2 million from foreign financial institutions for microfinance activities.

Being one of the first commercial banks of Azerbaijan, Azerdemiryol Bank was set up in 1989. Its shareholders include the European Bank for Reconstruction and Development and FMO. The bank has 30 branches and sub-branches.