ECONOMY


UNIBANK LAID OVER 24 PERCENT OF FUNDS OF THE EBRD CREDIT LINE

By the end of September 2003, Unibank has laid over 24 percent of funds of the credit line of the European Bank for Reconstruction and Development, directed to crediting of small and medium business.

Funds amounted at $1,5 million were allocated to the Bank basing on the agreement signed in November 2002 and further, EBRD increased the credit line twice at the expense of funds of a Special Broker Investment Fund Thaibay, China managed by EBRD.

The organization has financed four projects for the total amount of $727 thousand within this project. Besides, one project for the sums of $45 thousand has been approved and is being currently laid. Two more big credit projects for the total sum of $200 thousand is being considered at the moment. The credits will be directed to financing of main and reverse funds in such branches of industry as production of construction materials and food industry.

These funds allocated by EBRD are meant for long-terms, up to 4-year financing of production sphere, that encourages development of industrial sector of the country.

Existence of such leading international financial institution among members of Unibank will bring to qualitative positive change in the Bank’s activities. The EBRD is expected to render aid in the fields of technical modernization, establishment of the system of corporative management basing on international practice, promotion in the process of switching over to international accounting standards, training for employees. Consultations on realization of crediting program of small and medium business of Azerbaijan are expected as well.

The total credit portfolio of Unibank by October 1, 2003 comes to $13,6 million that exceeds by 28 percent the related data by the beginning of the third quarter.

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