14 March 2008
Rabitabank подписал кредитное соглашение на 5 млн. долларов с инвестиционной компанией США
Rabitabank signed a loan agreement with an investment fund WorldBusiness Capital Inc (WBC) United States for a credit line of $ 5 million for 10 years. The agreement was approved by the Agency for Foreign Private Investment (Oversees Private İnvestment Corporation - OPİC) U.S. and attracted over 10 years will be directed to support small and medium enterprises in Azerbaijan.
"The new loan funds from the American investment company will expand the capabilities of the bank in financing projects of small and medium-sized businesses to existing and new customers Rabitabank. Supported by OPIC Credit Line will be accompanied by long-term counseling program provided by an American company specializing in the financial sector and the consultation will focus on areas such as asset and liability management and risk management. We hope that our cooperation with the WBC will be expanded in the direction of new kredinnyh lines "- said Elchin Gadimov, Deputy Chairman of Rabitabank commenting on the new loan agreement.
Rabitabank has many years experience in financing small and medium enterprises in Azerbaijan, which accounts for more than 40% of the current loan portfolio. In order to finance such projects Rabitabank drawn loan funds from a number of international financial institutions, in particular, the International Finance Corporation (IFC), European Bank for Reconstruction and Development (EBRD), as well as the Islamic Corporation for Development (ICD).
Rabitabank - operates in Azerbaijan since 1993. On February 29, 2008 the bank's assets reached $ 100 million, total capital - 16 million dollars. Currently, the Bank's branch network consists of 15 branches, six of which account for Baku and 9 - the share of regional Countries.
WorldBusiness Capital Inc (WBC) - U.S. investment fund finances projects in transition economies around the world. In 2003, WBC made an agreement with OPİC to extend financing projects of small and medium businesses.
Oversees Private İnvestment Corporation (OPİC) - U.S. government agency established in 1971. Agency helps U.S. companies to invest outside the U.S., supports the economic development of new and emerging markets, helping the private sector in managing risks associated with foreign direct investment and supports U.S. foreign policy. Funding for projects and political risk insurance from OPİC helps U.S. companies invest in more than 150 emerging markets around the world. Over 36 years in business investment contributed OPİC total size of 164 billion dollars as a result of which were created 732,000 new jobs and income received in the amount of $ 13 billion in the countries where the projects were implemented.