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2007-12-03
Rabitabank signs new credit line agreement with Islamic Corporation for Development (ICD).
Rabitabank OJSC and Islamic Corporation For The Development of The Private Sector (ICD) have signed new credit line agreement for 1 million USD on November, 30. Agreement was signed by Khaled Al-Aboodi, CEO & General Manager of ICD and Zakir Nuriyev, Chairman of Supervisory Board of Rabitabank at the Head Quarters of Rabitabank in Baku, Azerbaijan.
The new credit line, with 6-year maturity and 1 year grace period will be utilised to finance small and medium businesses in Azerbaijan. Today, total amount of ICD's credits to Rabitabank has reached 2.1 million USD. Rabitabank started its cooperation with ICD in 2004 within framework od support for non-oil sector in Azerbaijan.
Rabitabank has a successful history of cooperation with international financial institutions since 1998. In addition to ICD bank is currently cooperating with International Financial Cooperation (IFC) and European Bank for Reconstruction and Development (EBRD) in the areas of financing of MSMEs and technical assistance.
Rabitabank is a universal commercial bank operating in Azerbaijan since 1993. Rabitabank provides full range of financial services to its retail and corporate clients through a network of 15 branches including 10 in the regions and 5 in the city of Baku. As of September 30, 2007 total assets of the bank was amounted to 81 million USD and total capital to 15 million USD.
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