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2007-11-30
Rabitabank receives a $1 million loan from Islamic Corporation for Development.
The Islamic Corporation for Private Sector Development (ICD) has added a further $1 million to the credit line extended to Rabitabank of Azerbaijan.
The bank said the new credit line comes for six years (two-year grace period) on-lending to small and medium-sized enterprises in Azerbaijan. Prior to this, the Islamic Corporation had opened $1.1 million credit line to the bank.
Rabitabank has good cooperation with international financial institutions since 1998. The ICD and Rabitabank signed the first loan agreement in 2004.
As of October 1, Rabitrabank's assets stood at AZN 68.898 million, loan portfolio at AZN 40.352, deposit portfolio at AZN 54.801, aggregate capital at AZN 10.426 and authorized capital at AZN 7 million. The bank has 15 branches, of which 5 are located in Baku. Rabitabank has been in operation since 1993.
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