OREANDA-NEWS. April 01, 2010. Rabitabank signed a loan agreement with investment fund WorldBusiness Capital Inc (WBC) of the USA in the amount of USD 5 million.

The  Bank informed that the agreement was approved by the state-owned Overseas Private Investment Corporation (OPIC) of  the USA. Term of an obtained loan will make 10 years and the funds will be directed to financing of projects of small and medium-sized business in Azerbaijan. This agreement is the second between Rabitabank, WBC and OPIC, and the total sum of funds, raised by the bank from the fund will make USD 10 million.

Rabitabank has long-term experience of financing of small and medium-sized business, on the share of which more than 40% of present loan portfolio of the Bank falls on. For the purpose of financing of similar loans, Rabitabank raised loan funds from a number of international financial institutions, in particular, from the International Financial Corporation (IFC), the European Bank for Reconstruction and Development (EBRD), as well as from Islamic Corporation of Development. This  agreement will allow to diversify structure of raised funds of the Bank and will open new opportunities to finance business projects of clients of the Bank.

Rabitabank is a commercial bank, which has functioned in Azerbaijan since 1993. In late 2009, the Bank’s assets made AZN 103 million and the capital – AZN 16 million. Presently, the branch network of the Bank consists of 21 branches and subbranches, 6 from which are located in Baku and 15 ones - in the country’s regions.

WorldBusiness Capital Inc (WBC) is an investment fund, financing projects of small and medium-sized entrepreneurship in the countries with transition economy.

OPIC is a state agency of the USA, supporting the business investments of the USA abroad by managing risks, connected with direct investments.