Intl Bank of Azerbaijan raises $30 from Islamic Trade Finance Corporation

24.06.2010

Today in Baku the International Bank of Azerbaijan (IBA) signed with the International Islamic Trade Finance Corporation (ITFC) an agreement on a $30 million loan for trade financing. IBA chairman of board Jahangir Hajiyev says that this is already the second loan agreement with an organization of Islamic Development Bank Group assigned this week. Earlier, this Monday, the IBA signed a $15 million loan agreement on financing for small and medium-size business with the Islamic Corporation for Development of Private Sector. “The $30 million loan was extended for us for one-year period under 9% per annum,” Hajiyev said. The IBA will direct this loan for financing trade operations. “Restrictions on size of a loan for financing of one project are not envisaged. All 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,” Hajiyev said. The IBA founded in 1992 is Azerbaijan’s biggest bank. ABC.AZ