DemirBank and BSTDB Signed USD 15 mln Loan Agreement
OREANDA-NEWS. January 09, 2012. Azerbaijan’s DemirBank and the Black Sea Trade & Development Bank have signed an agreement on the next loan.
DemirBank reports that in accordance with the contract the BSTDB will allocate a USD 15 million loan to DemirBank.
“DemirBank has been cooperating with BSTDB since 2006. This is the third such treaty signed between DemirBank and the BSTDB. Under the agreement signed for five-year term, USD 15 million will be directed by our Bank for lending to micro, small and medium businesses. As a whole, in 2011 DemirBank also signed a range of other loan agreements for about USD 40 million with various international organizations," DemirBank’s deputy chairman Yusif Jabbarov said.
DemirBank is co-operating with more than 20 international organizations on credit programs. Among them are European Bank for Reconstruction & Development, International Finance Corporation, Asian Development Bank, Netherlands Development Finance Company (FMO), BSTDB, German-Azerbaijan Fund, DEG, OFID, Islamic Corporation for Private Sector Development, USAID and other international organizations.
One of the country’s first banks DemirBank (formerly Azerdemiryolbank) started operating in 1989. Among its shareholders are such large international financial institutions as EBRD and FMO.