EBRD to lend $3m to Azerbaijan`s DemirBank
BAKU – Azerbaijan`s DemirBank and European Bank for Reconstruction and Development (EBRD) have signed an agreement on extending the next loan worth $3 million, DemirBank said.
Under the five-year agreement the sides will carry out joint financing of medium size entrepreneurship and EBRD will finance 50% of cost of each project.
"DemirBank has been cooperating with the EBRD since 1998," deputy chairman of DemirBank's board Yusif Jabbarov said. "It is one of the first banks in Azerbaijan that drew financial resources from such an influential organization. This is the second agreement of this kind signed between the EBRD and DemirBank. In general, the parties signed nine agreements on various types of financing."
DemirBank cooperates with over 20 international organizations on credit programs such as International Finance Corporation, Asian Development Bank, EBRD, Netherlands Development Finance Company (FMO), Black Sea Trade and Development Bank, German –Azerbaijani Fund, German Investment Company DEG, International Development Fund OFID, Islamic Corporation on Private Sector Development, USAID.
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