Unibank to Allocate $ 8 Million for Competitiveness of Agro-Industrial Complex

The World Bank has allocated Unibank $ 8 million (almost a quarter of the total amount envisaged) for lending to local agriculture.

According to the bank’s information, the money has been given to it as an agent of the project to enhance the competitiveness in the agricultural sector, implemented by the World Bank together with the government of Azerbaijan.

The project offers agricultural loans for up to 7 years in the amount of $ 500 thousand. The loans may be issued in manats and in USD.

"Support of the real sector of the economy remains one of the priorities of Unibank. The bank serves its corporate clients through four specialized branches - Gara Garayev, Icheri Sheher, Darnagul Unibank and Unibank Business Center," the information says.

Unibank OJSC received a license to operate in October 2002. The authorized capital mainly (66.21%) belongs to individuals. The major shareholders include the European Bank for Reconstruction and Development (12.15%) and the German company DEG (6.68%).

Recall, the government of Azerbaijan jointly with the World Bank signed an agreement for a loan of $ 34.5 million in June 2014 for the project aimed at strengthening the competitiveness in the sector of agriculture. The total cost of the project is $ 53,250,000.   --17D-