Azerbaijan, Baku, April 1 / Trend /
Two loan agreements with participation of Minister of Finance Samir Sharifov were signed between AGBank and the International Development Fund under the Organization of Oil Exporters (OFID) in Baku on April 1, AGBank said.
Upon the first document, Azerbaijani Bank will get $5 million for 5 years (the first year is loan period) to promote development of small and medium entrepreneurship of the country. Upon the second agreement, loan in the amount of $4.5 million for 18 months will be opened for the bank to finance trade operations. Funds can be directed to different spheres of economy.
The agreements were signed by Chairman of AGBank Supervising Council Chingiz Asadullayev and OFID Director General Suleyman J. Al-Herbish.
OFID is comprehensive agency on financial cooperation and support established by OPEC members-countries in 1976. Its principal aim is to establish financial cooperation between OPEC members-countries and developing countries by financial support of economic and social development projects of developing countries. The fund pays special attention at financial support of private sector.
Azeriqazbank OJSC was established in 1992. Presently, AGBank OJSC is one of leading loan organizations in Azerbaijan. Roughly 20 branches and departments operate in different regions of the country.
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