OREANDA-NEWS. December 26, 2007. SOA Credit non-bank credit institution started assimilation of European Bank of Reconstruction and Development (EBRD) credit line.

Ajdar Aliyev, SOA Credit Deputy Director, reported that a half of the loan has already been assimilated.

“The first tranche made $1 million. The finance will be directed to business crediting with average loan size $50,000,” A.Aliyev said.

The agreement on a $2 million line was signed on October 30, 2007 in Baku.

At present SOA Credit functions in Azerbaijan for 2 directions – financing of SME and mortgage. EBRD loan for $2 million will assist us to focus attention on development of SME in Azerbaijan especially will allow paying attention to small entrepreneurship and strengthen our presence at Azeri market. Now SOA Credit is finishing assimilation of loan from OPIC - Overseas Private Investment Corporation ($10 million). $7.5 million has been already assimilated. The finance was directed to develop SOA Credit mortgage.

SOA Credit has been functioning in Azerbaijan since 2001 and its portfolio reaches $10 million.

In 2007 Georgian TBC Bank purchased 75% of the stake and 25% of Shorebank (US) remained the same.