DemirBank has signed an agreement with the German Investment Company on a subordinated loan
BAKU/09.01.14/TURAN : DemirBank has signed an agreement with the German Investment Company (DEG) of a subordinated loan.
According to the contract signed in Germany , DEG for DemirBank will allocate $ 12 million for 10 years . The purpose of this funding is to increase bank capital of the second order , and the proceeds from the financing will be used for lending to small and medium businesses .
This is the fourth agreement with the German investment company . DemirBank and DEG have been cooperating since 2007, and today the organization has allocated funds totaling about 21 million U.S. dollars.
DemirBank collaborates in credit programs with more than twenty international organizations. Among them are the European Bank for Reconstruction and Development, International Finance Corporation, Asian Development Bank, the Netherlands Development Finance Company (FMO), Black Sea Trade and Development Bank , German-Azerbaijan Fund , German Investment Company DEG, International Development Fund OFID, Islamic Corporation for Private sector , USAID and other international organizations .
DemirBank, is the first commercial bank in the country, which began operations in 1989 . Among its shareholders are major international financial institutions such as the European Bank for Reconstruction and Development and the Netherlands Development Finance Company (FMO). DemirBank ranks from Fitch Ratings are at "B " with "stable" forecast and Planet Rating rating at "B " with "positive" forecast . These ratings are among the highest in the banking sector of Azerbaijan. -15D -
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