AGBank gets $9.5m loan from OPEC fund
AGBank, one of Azerbaijan`s leading crediting
institutions, has received a $9.5 million loan from the OPEC Fund
for International Development (OFID).
The loan covenants signed in Baku earlier stipulate that $5m of the amount will finance projects on the development of small and medium enterprise in the country, while the remaining $4.5m will finance trade. The loan is to be repaid over five years.
Two projects are being implemented in Azerbaijan with OFID`s assistance. The Fund has allocated a $14m concessional loan for the construction of the Velvelichay-Tahtakorpu canal and upgrade of the Ujar-Yevlakh highway.
Established in 1976, OFID is one of the world`s biggest financial institutions channeling OPEC aid to developing countries. Gross financial aid provided by OFID has exceeded $10.6bn, including more than $1.4bn allocated in grants. The Fund receives its money directly from OPEC member states. OFID helps in loaning to businesses, debt relief, technical assistance, etc. It places particular emphasis on financial assistance to the private sector.
The AGBank (Azerigazbank), founded in 1992, runs subsidiaries and branches in about 20 regions across Azerbaijan. For over a decade, it has been successfully cooperating with such major institutions as the European Bank for Reconstruction and Development, the International Finance Corporation, a member of the World Bank Group, and the Asian Development Bank.
The loan covenants signed in Baku earlier stipulate that $5m of the amount will finance projects on the development of small and medium enterprise in the country, while the remaining $4.5m will finance trade. The loan is to be repaid over five years.
Two projects are being implemented in Azerbaijan with OFID`s assistance. The Fund has allocated a $14m concessional loan for the construction of the Velvelichay-Tahtakorpu canal and upgrade of the Ujar-Yevlakh highway.
Established in 1976, OFID is one of the world`s biggest financial institutions channeling OPEC aid to developing countries. Gross financial aid provided by OFID has exceeded $10.6bn, including more than $1.4bn allocated in grants. The Fund receives its money directly from OPEC member states. OFID helps in loaning to businesses, debt relief, technical assistance, etc. It places particular emphasis on financial assistance to the private sector.
The AGBank (Azerigazbank), founded in 1992, runs subsidiaries and branches in about 20 regions across Azerbaijan. For over a decade, it has been successfully cooperating with such major institutions as the European Bank for Reconstruction and Development, the International Finance Corporation, a member of the World Bank Group, and the Asian Development Bank.
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