AZERDEMIRYOLBANK ATTRACTS LOAN FROM SWISS INVESTMENT FUND
Azerdemiryolbank Joint-Stock Bank has received a loan from SIFEM AG (a Swiss Investment Fund for Emerging Markets), thus, taking a new step to develop its foreign business cooperation and boost the financing of Azerbaijan`s economy. According to the contract signed between the two sides, the $7 million loan will finance micro, small and medium-sized enterprises in Azerbaijan and will work for five years, with 24 months of grace period.
The Vice-chairman of the bank`s board, Yusif Jabbarov said the contract signed with SIFEM amidst the global economic crisis once more proved AzerdemiryolBank` s reliability.
He said the loan will help to meet the currently rising demand for loans and support the businesses of the bank`s non-oil-sector customers. The signed contract is also important because the loan is a long-term one, which allows financing agricultural, processing and other enterprises, he stated.
According to the latest news, the bank has started using the new credit line and has corroborated several applications.
