AGBank’s ADB loans to boost business in Azerbaijan
AGBank, one of the leaders of Azerbaijan’s banking sector, has
signed two loan covenants with the Asian Development Bank (ADB)
totaling $4.5 million to support the development of
entrepreneurship in the country and facilitate trade for AGBank
clients.
The agreements were signed by the AGBank board chairman Azer Movsumov and head of ADB's Private Sector Operations Department, Steven Beck, in Baku on Wednesday, AGBank said.
The first loan, worth $3.5m, was allocated for two years and aims to expand the existing credit line to finance trade. Under this agreement, the ADB will guarantee import and export transactions of AGBank’s customers.
The other agreement, worth $1m, seeks to boost entrepreneurship in Azerbaijan over a one-year period. AGBank will use the funds to allot short-term loans to businessmen under the conditions of "revolver financing", i.e. repeated use of existing resources.*
The agreements were signed by the AGBank board chairman Azer Movsumov and head of ADB's Private Sector Operations Department, Steven Beck, in Baku on Wednesday, AGBank said.
The first loan, worth $3.5m, was allocated for two years and aims to expand the existing credit line to finance trade. Under this agreement, the ADB will guarantee import and export transactions of AGBank’s customers.
The other agreement, worth $1m, seeks to boost entrepreneurship in Azerbaijan over a one-year period. AGBank will use the funds to allot short-term loans to businessmen under the conditions of "revolver financing", i.e. repeated use of existing resources.*
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