OREANDA-NEWS. March 10, 2010. Azerbaijan’s DemirBank has signed new loan agreements with European financial institutions for USD 4 million of borrowing.

DemirBank informs that one of the agreements was signed with Belgium’s Volksvermogen on a USD 1.5 million loan with organization mediation of microfinancing fund Incofin Investment Management.

Another agreement was signed with Luxembourg’s Wallberq Invest and Lichtenstein’s EMF Microfinance Fund on a USD 2.5 million loan with mediation of Luxembourg’s Symbiotics SA Information, Consulting & Services.

“Due to won confidence, DemirBank continues successful activity on raising financial resources from international finacial institutions. Within the signed agreements the Bank will direct the raised finances for micro and small crediting and for rural crediting. Both agreement were signed for two years that will promote to development of these directions of crediting,” said Yusif Jabbarov, DemirBank’s deputy chairman of board.

DemirBank co-operates on programs of crediting and trade financing 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), fund Rosemount Global (US), BANIF (Portugal), investment fund SIFEM (Switzerland), ING BANK (Netherlands), etc.

One of the first banks of Azerbaijan, DemirBank (formerly called Azerdemiryolbank) started its operations in 1989. Among the Bank’s shareholders are such large international financial institutions as European Bank for Reconstruction and Development (EBRD) and Netherlands Development Finance Company (FMO).