Azerbaijan, Baku, Apr. 2 / Trend /
The Azerbaijani Rabitabank signed a loan agreement with the WorldBusiness Capital Inc. (WBC) investment fund amounting to $5 million, the bank reported.
The agreement was approved by the U.S. Oversees Private Investment Corporation (OPIC). The loan is provided for 10 years and funds will be used to finance projects of small- and medium-sized enterprises in Azerbaijan. The agreement is the second between Rabitabank, WBC and OPIC, and the total funds drawn from the fund amount to $10 million.
Rabitabank has years of experience in financing small- and medium-sized enterprises, which have accounted for over 40 percent of the loan portfolio. Rabitabank has drawn loan funds from several international financial institutions, including from the International Finance Corporation, European Bank for Reconstruction and Development and the Islamic Corporation for Development. The agreement will allow the bank to diversify the structure of attracted funds and open new possibilities for financing client business projects.
Rabitabank is a commercial bank functioning in Azerbaijan since 1993. In late 2009, the bank's assets amounted to 103 million manat and its capital has amounted to 16 million manat. The bank's branch network comprises 21 branches and offices. Six are located in Baku, and 15 are stationed in the country's regions.
The WBC is an investment fund financing projects for small- and medium-sized enterprises in transitional countries.
The OPIC is a U.S. state agency supporting U.S. business investments abroad by managing the risks associated with direct investments.