OREANDA-NEWS. November 10, 2009. AGBank holds on disbursing loan funds within the frames of the agreement of the International Financial Corporation (IFC).

Tokay Alizadeh, deputy chairman of board of AGBank, says that they continue negotiations on credit lines with international financial institutions (IFIs).

“Along with that we keep on spending the current credit lines and a credit line within the loan agreement with the International Finance Corporation is among them. The first tranche (USD 5 million) of this subordinated loan has been already received. Now we are working over the second and third tranches,” he said.

It was also stressed that the Bank did not expect new deals with IFIs before end of 2009.

We do not aim rapid growth of loan raising at the moment. Today it is not time when it is needed to grow at rapid pace,” he said.

The agreement on USD 10 million credit line, which is a part of USD 15 million investment, approved by the Corporation for the Bank, was signed between AGBank and IFC on 5 May 2009.

Loan was given to the Bank for eight-year period.

Since 2006 IFC has been an owner of 17.5% stake in AGB’s charter capital.