OREANDA-NEWS. September 06, 2011. Asian Development Bank has extended the limit on Revolving Credit Agreement (RCA), signed with DemirBank in April, 2010, up to USD 2 mln. The proceeds of the agreement will be used for further financing of export-import transactions of DemirBank customers, reported the press-centre of DemirBank.

Currently, DemirBank actively cooperates with Asian Development Bank in Trade Finance Guarantee Facility (TFP), with the total amount of USD 3,5 mln. upon which it issues letters of guarantee for trade finance, and RCA with the total amount of USD 2 mln. used for export-import transactions.

DemirBank actively cooperates on crediting and trade financing programs with more than 20 international financial institutions, such as European Bank for Reconstruction and Development, International Finance Corporation, Netherlands Development Finance Company (FMO), Black Sea Trade and Development Bank, German-Azerbaijan Fund, German Investment Company DEG, International Development Fund OFID, Islamic Corporation, USAID (USA), Rosemount Global Fund (USA), SIFEM AG Investment Fund, ING BANK (Netherlands) etc.

One of the first banks of Azerbaijan, DemirBank (formerly called Azerdemiryolbank) started its operations in October 1989. Shareholders of the Banks include large international financial institutions, such as European Bank for Reconstruction and Development (EBRD) and Netherlands Development Finance Company (FMO).