BSTDB Extends USD 4 Million To International Bank of Azerbaijan to Promote Trade in the Black Sea Region
Press Release | 21-Jan-2002
BSTDB will make available a USD 4 million credit line to the International Bank of Azerbaijan (IBA), which was selected as financial intermediary for BSTDB operations in Azerbaijan. It is the first BSTDB operation in the country.The credit line is a revolving Multiple Buyer Credit Facility, which will assist the IBA in extending short to medium term import financing to those of its customers in Azerbaijan who import goods from other BSTDB Member Countries, thus contributing to promoting trade in the Black Sea region. The maximum financing term under the Facility will not exceed 3 years for each individual transaction.
International Bank of Azerbaijan is the largest bank in the country, with 27 branches nationwide accounting for about 75% of the market for banking services, and for more than 50% of deposits in Azerbaijan. IBA offers full range of services related to foreign trade and has broad and well-established relations with all major Azerbaijani trading companies.