OREANDA-NEWS. July 7, 2009. Yesterday Azerbaijan’s Azerdemiryolbank and the European Bank for Reconstruction & Development (EBRD) have signed a \\$13 million credit agreement.

The Azerbaijani bank says that the raised credit finances will be directed for micro-crediting and crediting of small- and medium-size business. The agreement was signed for 5-year period in Azerdemiryolbank’s head office.

“Azerdemiryolbank has been co-operating with the EBRD since 1998 and has been the first banks of the country that raised EBRD financial resources. Despite the current economic situation around the world co-operation between

Azerdemiryolbank and the EBRD has strengthened. This agreement will allow   us to expand activities on micro-crediting and small- and medium-size business crediting,” emphasized Azeri Bank’s deputy chairman of board Yusif Jabbarov.

Azerdemiryolbank is co-operating actively with international financial institutions within programs of crediting and trade financing. This May the EBRD also increased trade financing line for Azerdemiryolbank by another \\$4 million.

Being one of the country’s first commercial banks Azerdemiryolbank was established in 1989. Among its shareholders are such IFIs as the EBRD and Dutch Financial Company (FMO). The Bank is numbering 32 branches and sub-branches in Baku and regions of Azerbaijan.