UniBank CB and DEG signs credit agreement

"DEG is especially satisfied to facilitate access to long-term financing for small and medium-sized enterprises which are a major source for new employment. It is one of DEG's main objectives to provide finance for SMEs at market rates which are adequate in price and terms," said Dr. Andres Mannfred Zeisler, head of DEG’s Financial Institutions Department.

"The SME finance and development of the relations with the International Finance Institutions are the two basic areas of development for UniBank as an energetically progressing institution. The credit agreement signed with DEG helps us achieve both of these goals. In addition, the credit line will also promote projects in various segments of the non-oil sector concerned with production, trade, services, et cetera," said Faig Huseynov, Chairman of the Executive Board of UniBank.

This credit line is the second from DEG to be extended to UniBank: in summer this year, UniBank had on-lent the first credit line of DEG in the amount of $3 mn. The agreement governing the provision of this credit line was signed at the German-Azeri Business Conference in Berlin on 31 May last year. That credit line, too, had been on-lent to SME projects.

It should be remembered that DEG is an 8.33% shareholder of UniBank since 2005.

DEG is one of the largest European development finance institutions. For more than 40 years, DEG has been financing and structuring the investments of private companies in developing and transition countries, APA reports.