OREANDA-NEWS. December 23, 2009. DemirBank and Belgium’s VDK Spaarbank N.V. have signed an agreement on a USD 2 million loan.

DemirBank reportsthat the agreement was signed with support of invetsment fund Incofin.

“We are going to direct he loan for micro-crediting.  The two-year agreement ensures for us additional sources of financing in the area of business crediting,” DemirBank says.

“The new agreement is outcome of two-year co-operation with VDK Spaarbank N.V. since 2007. Thanks to trust we have win the loan is extended to DemirBank without mortgage security,” Bank’s deputy chairman of board Yusif Jabbarov emphasized.

Within  the framework of different loan programs DemirBank co-operates with such IFIs as the European Bank for Reconstruction & Development (EBRD), International Finance Corporation (IFC), Netherlands Development Finance Company (FMO), German Investment & Development Company (DEG), Black Sea Trade & Development Bank (BSTDB), German–Azerbaijan Fund (GAF), OPEC Fund for International Development (OFID), Islamic Corporation for the Development of the Private Sector (ICD), Trade-Finance Fund Rosemount Global (US), BANIF (Portugal), Investment Fund SIFEM AG (Switzerland), ING BANK (Netherlands), etc.

DemirBank (previous name: Azerdemiryolbank) started its activity in 1989 20 years ago. Among its shareholders are EBRD and FMO.