Int’l bank gets loans from IDB
BAKU - 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
recently on the sidelines of an international investment conference
in Baku.
According to IBA board chairman Jahangir Hajiyev, 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. The document was inked with the Islamic Corporation for Development of Private Sector.
Another loan covenant was signed on June 24. Another $30 million will be allocated to the IBA for trade financing for a one-year period with the same interest rate. The agreement was signed with the International Islamic Trade Finance Corporation (ITFC), an institution of the Islamic Development Bank Group.
"Restrictions on the size of a loan for financing a given project are not envisaged," Hajiyev said. "Everything depends on a loan borrower and a project. The IBA already has a range of projects that can be financed at the expense of this loan."
The IBA, founded in 1992, has been cooperating with the Islamic bank for ten years.
According to IBA board chairman Jahangir Hajiyev, 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. The document was inked with the Islamic Corporation for Development of Private Sector.
Another loan covenant was signed on June 24. Another $30 million will be allocated to the IBA for trade financing for a one-year period with the same interest rate. The agreement was signed with the International Islamic Trade Finance Corporation (ITFC), an institution of the Islamic Development Bank Group.
"Restrictions on the size of a loan for financing a given project are not envisaged," Hajiyev said. "Everything depends on a loan borrower and a project. The IBA already has a range of projects that can be financed at the expense of this loan."
The IBA, founded in 1992, has been cooperating with the Islamic bank for ten years.
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