AGBank to get two loans from OPEC fund
AGBank, one of Azerbaijan`s leading crediting
institutions, and the OPEC Fund for International Development
(OFID) signed two loan covenants in Baku on Wednesday.
Under one of the documents, AGBank will receive a $5 million credit for five years, with a one-year grace period, to boost the development of small and medium enterprise in the country. The other paper envisions opening a credit line worth $4.5 million for 18 months to finance trade transactions. The funds may be channeled into various sectors of the national economy.
The agreements were signed by the Chairman of AGBank`s Supervisory Board Chingiz Asadullayev and OFID Director General Suleiman Al-Herbish.
OFID intends to allot concessional loans in a multitude of sectors of the Azerbaijani economy. According to Al-Herbish, investments will be made mainly in infrastructure, trade and social fields.
Established in 1976, OFID is an organization that channels OPEC aid to developing countries. OFID receives its money directly from OPEC member states, which as of 2007, totaled $3.5 billion. The Fund helps in loaning to businesses, debt relief, technical assistance, food aid, research and humanitarian relief work.
The AGBank (Azerigazbank) open joint-stock company was founded in 1992. The bank runs subsidiaries and branches in about 20 regions across the country.
Under one of the documents, AGBank will receive a $5 million credit for five years, with a one-year grace period, to boost the development of small and medium enterprise in the country. The other paper envisions opening a credit line worth $4.5 million for 18 months to finance trade transactions. The funds may be channeled into various sectors of the national economy.
The agreements were signed by the Chairman of AGBank`s Supervisory Board Chingiz Asadullayev and OFID Director General Suleiman Al-Herbish.
OFID intends to allot concessional loans in a multitude of sectors of the Azerbaijani economy. According to Al-Herbish, investments will be made mainly in infrastructure, trade and social fields.
Established in 1976, OFID is an organization that channels OPEC aid to developing countries. OFID receives its money directly from OPEC member states, which as of 2007, totaled $3.5 billion. The Fund helps in loaning to businesses, debt relief, technical assistance, food aid, research and humanitarian relief work.
The AGBank (Azerigazbank) open joint-stock company was founded in 1992. The bank runs subsidiaries and branches in about 20 regions across the country.
Here we are to serve you with news right now. It does not cost much, but worth your attention.
Choose to support open, independent, quality journalism and subscribe on a monthly basis.
By subscribing to our online newspaper, you can have full digital access to all news, analysis, and much more.
Subscribe
You can also follow AzerNEWS on Twitter @AzerNewsAz or Facebook @AzerNewsNewspaper
Thank you!