OREANDA-NEWS. December 25, 2008. AzerdemiryolBank JSC started short-term financing totaling US3.35 million from the EBRD Revolving Fund. Thus the EBRD credit line raised up to US 16 million in 2007 has been almost completely used by now, reported the press-centre of Bank of Azerdemiryol Bank.

The Vice-Chairman of AzerdemiryolBank, Yusif Jabbarov said the new projects supported by the bank (worth US 2 million and US 1.35 million respectively) envisage the acquisition of trade and industrial equipment from Asia and Europe. “The bank intends to continue its assistance to businessmen in the financing of foreign trade operations,” he said.

The AzerdemiryolBank – EBRD cooperation started in 1999. The sides have closed deals totaling US42.5 million on several programs since then. The deals regard the crediting of micro, small and medium-range businesses. EBRD became a shareholder of AzerdemiryolBank in 2005. It has 25% + 1 share in the capital.

Being one of the first commercial banks of Azerbaijan, AzerdemiryolBank was set up in 1989. The bank has 30 branches and sub-branches.