Rabitabank OJSC and U.S.-based finance company WorldBusiness Capital (WBC) signed a USD 5 million 10-year credit agreement in support of Rabitabank's loans to Small and Medium-sized Enterprises (SMEs) in Azerbaijan. The loan from WBC is supported by the Overseas Private Investment Corporation (OPIC), an agency of the U.S. government.

Rabitabank has significant experience in the area of SME financing.  Currently, 40% of its credit portfolio is dedicated to SMEs. Rabitabank has a successful history of attracting funding from international financial institutions including International Finance Corporation (IFC), European Bank for Reconstruction and Development (EBRD) and Islamic Corporation for Development (ICD) to finance SME projects.    

"We are very pleased to conclude our first loan transaction with a U.S. financial institution. This financing facility will provide us with additional capacity to finance projects of new and existing SME customers of Rabitabank. This OPIC-supported loan will be accompanied by a long-term technical assistance program provided by U.S. consultancy firm that will address various areas including assets and liabilities management and risk management. We are looking forward to do more business with WBC in the future", commented Elchin Gadimov, Vice Chairman of Executive Board of Rabitabank.

Rabitabank is operating in Azerbaijan since 1993. As of February 29, 2008 total assets of the bank was amounted to 100 million USD and total capital of 16 million USD. Rabitabank provides full range of financial services to its retail and corporate clients through a network of 15 branches including 9 in the regions and 6 in the city of Baku.

WorldBusiness Capital has successfully closed loans in emerging markets throughout the world. In 2003 OPIC entered into a cooperative agreement with WorldBusiness Capital to expand support for SMEs investing overseas and enhance the activities of OPIC's Small Business Center.  

Overseas Private Investment Corporation (OPIC) - OPIC was established as an agency of the U.S. government in 1971. It helps U.S. businesses invest overseas, fosters economic development in new and emerging markets, complements the private sector in managing risks associated with foreign direct investment, and supports U.S. foreign policy. OPIC's political risk insurance and financing help U.S. businesses of all sizes invest in more than 150 emerging markets and developing nations worldwide. Over the agency's 35-year history, OPIC has supported $164 billion worth of investments that have helped developing countries to generate more than 732,000 host-country jobs and $13 billion in host-government revenues. OPIC projects have also generated $69 billion in U.S. exports and supported more than 264,000 American jobs.