Belgian bank helps to finance Azeri micro-loans
Belgium’s VDK Spaarbank will allocate $2 million to
Azerbaijan’s DemirBank for the disbursal of micro-credits,
according to a loan covenant signed by the two banks, the DemirBank
press-service said.
The agreement, facilitated by the Incofin Investment Management, was signed for two years. The borrowed funds will increase sources of funding for the Azerbaijani bank in the coming years.
Yusif Jabbarov, deputy chairman of DemirBank steering board, commented that cooperation with the Belgian financial institution began in 2007. He said the new loan is being allotted without a collateral due to the confidence built in the past years.
DemirBank, previously Azerdemiryolbank, started its operation in 1989. Among its shareholders are the European Bank for Reconstruction and Development (EBRD) and the Netherlands Development Finance Company (FMO).
Earlier this month, DemirBank signed a $5 million loan covenant with Dutch SNS Institutional Microfinance Fund aiming to lend funds for entrepreneurship in the country.*
The agreement, facilitated by the Incofin Investment Management, was signed for two years. The borrowed funds will increase sources of funding for the Azerbaijani bank in the coming years.
Yusif Jabbarov, deputy chairman of DemirBank steering board, commented that cooperation with the Belgian financial institution began in 2007. He said the new loan is being allotted without a collateral due to the confidence built in the past years.
DemirBank, previously Azerdemiryolbank, started its operation in 1989. Among its shareholders are the European Bank for Reconstruction and Development (EBRD) and the Netherlands Development Finance Company (FMO).
Earlier this month, DemirBank signed a $5 million loan covenant with Dutch SNS Institutional Microfinance Fund aiming to lend funds for entrepreneurship in the country.*
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