The credit line will be expended for the establishment of a milk processing factory in the region of Sheki by Sheki Agrar-Sanaye LLC.

As APA reports, the necessary equipment will be provided by HVA International.

2.3 mn EUR of the loan will be repaid in four stages within 2 years and 4.98 mn EUR in ten stages during 5 years.

IBA officials think that this is on the basis of the favorable policy aimed at efficiently financing enterprises operating in non-oil sector and creating new jobs in regions.

IBA has concluded a number of credit agreements this year.

The world’s leading financial institutions such as Sumitomo Mitsui Banking Corporation ($15mn), BNP Paribas (50mn EUR), UBS AG (15 mn Swiss Frank) have been involved in financing projects on imports from Japan and European countries.