Azerbaijan, Baku, April 21 / Trend , N.Ismayilova/
The Azerbaijani Mugan Bank is negotiating with International Finance Corporation (IFC) to finance mortgage loaning, Mugan Bank Supervisory Board member Shaig Alakbarov said on April 21.
"At present these plans are under discussions with the IFC, but they have not been clarified yet," Alakbarov said. "The bank will develop this issue within 2009."
According to preliminary assessments, it is planned to draw $5 million from the IFC.
"Perhaps, loans will be issued for 5-7 years with 12 percent of interest rate, but it may be re-considered due to unstable situation on world markets," he said.
The bank's aggregate capital was 14.9 million in early 2009. The bank's loan portfolio reached 66 million manat. The bank's revenues were 14.3 million manat, net income - 1.2 million manat in 2008.
On April 21, the official exchange rate is 0.8035 manat to $1.
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