IBA gets $30m from Islamic corporation to finance trade
The International Bank of Azerbaijan (IBA) and International Trade
Finance Corporation, which is part of the Islamic Development Bank
(IDB) group, signed an agreement in Baku on Thursday on allocating
a $30 million loan to finance trade transactions.
IBA Board Chairman Jahangir Hajiyev said the credit had been allocated for one year with 9 percent annual interest rate.
The allocation brings IDB's credit portfolio for the IBA to $45 million.
Earlier, on Monday, IBA and the Islamic Corporation for Private Sector Development signed a loan covenant worth $15 million, with the same interest rate. The funds are intended for financing small and medium enterprise.*
IBA Board Chairman Jahangir Hajiyev said the credit had been allocated for one year with 9 percent annual interest rate.
The allocation brings IDB's credit portfolio for the IBA to $45 million.
Earlier, on Monday, IBA and the Islamic Corporation for Private Sector Development signed a loan covenant worth $15 million, with the same interest rate. The funds are intended for financing small and medium enterprise.*
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