Azerbaijan, Baku, April 29 / Trend /
AGBank signed two loan agreements with the Asian Development Bank (ADB) worth $4.5 million to support development of entrepreneurship in Azerbaijan, AGBank said.
Relevant documents were signed by AGBank chairman Azer Movsumov and ADB's trade finance department on private sector head Steven Beck in Baku April 28.
Under the first contract signed for two years, a credit line for Azerbaijani bank, opened within the trade financing worth $3.5 million, will be expanded. The ADB will ensure the export-import operations of AGBank customers.
The second agreement provides for a loan worth $1 million for 1 year to support local entrepreneurship. These funds will be used by AGBank for short-term lending by the mechanism of revolving funds (re-use of available resources).