International Bank of Azerbaijan signs $130 million loan agreement

Citigroup, IP Morgan, Austria's RZE and Germany's Commerce Bank initiated the financing. Each of them allocated $9 million, the remaining part came from 22 other banks.

Initially, the loan of $60 million have been negotiated but successful development of the banking sector in Azerbaijan prompted the syndicated the double the amount of loan and drop the interest rate.

The fact that USA, Germany, Netherlands, Austria, UAE, France and Switzerland are involved in the agreement is the doubtless indication of the increased trust from the foreign banks. The loan did not require state guarantees.

The document was signed by chairman of the IBA Board Jahangir Hajiyev and head of Citibank’s credit department Ahmet Bekte. AzerTAg