OREANDA-NEWS. January 8, 2010. DemirBank signed 2 mln USD loan agreement with Belgian VDK Spaarbank N.V. The Agreement was concluded with the support of the Investment Fund Incofin.

The loan amount will be allocated for micro credits financing. The loan agreement is signed for 2 years which means the Bank’s capacity for financing business activities in near future will be expanded.

“DemirBank focuses on large and medium as well as micro and small credits. It also demonstrates the social oriented approach of the Bank. Micro and small credits provide thousands of entrepreneurs an opportunity to expand their business thus improving people’s lives and creating additional work places”, stated Deputy Chairman of the Executive Board Yusif Jabbarov.

DemirBank cooperates on various credit programs with international financial institutions, such as European Bank for Reconstruction and Development, International Finance Corporation, Holland Financial Company for Development (FMO), Black Sea Trade and Development Bank, German-Azerbaijan Fund, German Investment Company DEG, International Development Fund OFID, Islamic Corporation on Private Sector Development, Trade-Finance Fund Rosemount Global (USA), BANIF (Portugal), Investment Fund SIFEM AG (Switzerland), ING BANK (Netherlands), etc.

One of the first banks of Azerbaijan, DemirBank (formerly called Azerdemiryolbank) started its operations in 1989. The shareholders of Bank include large international financial institutions, such as European Bank for Reconstruction and Development and Holland Financial Company for Development (FMO).