EBRD, credit bodies sign loan covenants
The European Bank for Reconstruction and Development (EBRD) on
Tuesday signed agreements on lending to small and medium businesses
with two Azerbaijani financial groups.
Under a deal inked by the bank and Shore Overseas Azerbaijan Credit (SOA Credit) non-banking credit institution, $2 million was allocated for three years to boost the country's SME sector.
SOA Credit, which is a member of the Shore Bank Group, was founded in December 1999. The organization, the credit portfolio of which made up 9.5 million manats (over $11.1 million), while charter capital 2.5 million manats ($2.941 million) as of October 2007, started the disbursal of loans in February 2000. It currently has 470 clients.
Another three-year loan covenant, worth $1 million, was signed by the European bank with CredAgro non-banking institution.
Under a deal inked by the bank and Shore Overseas Azerbaijan Credit (SOA Credit) non-banking credit institution, $2 million was allocated for three years to boost the country's SME sector.
SOA Credit, which is a member of the Shore Bank Group, was founded in December 1999. The organization, the credit portfolio of which made up 9.5 million manats (over $11.1 million), while charter capital 2.5 million manats ($2.941 million) as of October 2007, started the disbursal of loans in February 2000. It currently has 470 clients.
Another three-year loan covenant, worth $1 million, was signed by the European bank with CredAgro non-banking institution.
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