IBA to get $15m from Islamic bank
The International Bank of Azerbaijan (IBA), the country’s leading
bank, will receive a credit line from the Islamic Development Bank
(IDB), according to a loan covenant signed on the sidelines of an
international investment conference in Baku on Monday.
IBA board chairman Jahangir Hajiyev told reporters that the allocation, worth $15 million, provided with 9% annual interest rate, will be spent to support the development of small and medium enterprise in Azerbaijan.
According to Hajiyev, another loan covenant is due to be signed on June 24. Under that agreement, IDB will allot another $30 million to IBA under a trade financing program.
IBA has been cooperating with the Islamic bank for ten years.*
IBA board chairman Jahangir Hajiyev told reporters that the allocation, worth $15 million, provided with 9% annual interest rate, will be spent to support the development of small and medium enterprise in Azerbaijan.
According to Hajiyev, another loan covenant is due to be signed on June 24. Under that agreement, IDB will allot another $30 million to IBA under a trade financing program.
IBA has been cooperating with the Islamic bank for ten years.*
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