Rabitabank starts using EBRD credit lines

The EBRD loan to commercial bank Rabitabank is for on-lending to small and medium size enterprises.

The agreement on opening the credit line was concluded with participation of BP Exploration Caspian Sea Ltd. November 14.

As per the agreement, half of the facility will be on-lending to small and medium-size enterprises, half to micro-crediting.

Established in 1993, Rabitabank is a universal bank in Azerbaijan with 8 regional branches and five branches in the capital.

It has been cooperating with international financial institutions since 2004, APA reports.

The IFC ($1.2m) and Islamic Development Corporation (ISDB) ($1.1m) opened credit lines for Rabitabank.