BSTDB grants $5m loan to Unibank
Baku, May 29 (AZERTAC). “Under an agreement signed today, the Black Sea Trade and Development Bank (BSTDB) will provide a loan amounting $5 million to Unibank to finance SME projects,” said Chairman of the Board of Unibank Faig Huseynov.
Unibank will use the proceeds of the BSTDB loan for financing of specific projects for creation, modernization and capacity expansion and also diversification of products and services and working capital requirements of small and medium-sized enterprises in Azerbaijan. The term of the credit facility is 5 years.
The BSTDB financing will provide the much needed medium-term funding for SME sector of Azerbaijan, contribute to job creation as well as to institutional development and business growth of the client bank. This is the second SME loan facility provided to Unibank, after successful use of the first one provided in 2008 in the amount of $5 million. Besides, a Trade Finance Facility in the amount of $3 million has been available for use since 2005, under which the aggregate amount of disbursements has reached to $15.7 million.
Unibank open joint-stock company is one of the leading private banking institutions in Azerbaijan. It was established in 2002 as a result of a merger between M-Bank and Promtechbank. EBRD owns a minority stake in the bank. In addition to the existing Trade Finance line, the SME project is supporting the private sector development and new jobs creation in the country.
Other news in this section
