EBRD to provide Azerbaijan`s DemirBank with loan worth $3 million

23.05.2011 [19:02]
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Baku, May 23 (AZERTAC). Azerbaijan`s DemirBank and European Bank for Reconstruction and Development (EBRD) have signed an agreement on extending the next credit for $3 million. Under the 5-year agreement the sides will carry out joint financing of medium size entrepreneurship and EBRD will finance 50% of cost of each project.

"DemirBank has been cooperating with EBRD since 1998 and is one of Azerbaijan`s first banks attracting financial funds from such an influential organization. This is the second agreement of such type signed between DemirBank and EBRD. On the whole 9 agreements have been signed between the sides on different types of financing," Deputy Chairman of DemirBank`s Board Yusif Jabbarov said.

DemirBank cooperates with over 20 international organizations on credit programs such as International Finance Corporation, Asian Development Bank, EBRD, Netherlands Development Finance Company (FMO), Black Sea Trade and Development Bank, German -Azerbaijani Fund, German Investment Company DEG, International Development Fund OFID, Islamic Corporation on Private Sector Development, USAID.

EBRD to provide Azerbaijan`s DemirBank with loan worth $3 million

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