OREANDA-NEWS. October 3, 2011. Azerbaijan’s DemirBank has signed an agreement on the second tranche in compliance with the agreement signed in May 2010 with the U.S. Agency for International Development (USAID).

The Bank reports that the agreement simplifies provision of collateral and increase of access to credit by micro, small and medium enterprises, especially working in the field of agriculture. Finances allocated in the first tranche were used for purposes by DemirBank.

Thanks to trust, DemirBank continues successful efforts on raising financial resources from international financial institutions. Collaboration with the USAID creates new opportunities in the agricultural sector lending. It is of great importance for the development of entrepreneurship in the regions, increasing employment and improving welfare.

Within the credit programs DemirBank co-operates with more than 20 international organizations. Among them are the European Bank for Reconstruction and Development (EBRD), International Finance Corporation, Asian Development Bank, Netherlands Development Finance Company (FMO), Black Sea Trade and Development Bank, the German-Azerbaijan Fund, DEG, OFID, Islamic Corporation for Private Sector Development, USAID, and other international organizations.

Being one of the country’s first banks DemirBank (formerly called Azerdemiryolbank) began operating in 1989. Among its shareholders are such large international financial institutions as EBRD and FMO.