IBAR secure $160 mln-syndicated loan

Baku: Musa Ahmadov; International Bank of Azerbaijan Republic has secured $160 mln syndicated loans in dual currency. Bank says on April 9, 2014, IBA signed an agreement with Amsterdam Trade Bank N.V., Citibank, N.A., London (Citi), Commerzbank Aktiengesellschaft (Commerzbank), ING Bank N.V., J.P. Morgan Limited and Raiffeisen Bank International AG (RBI). Citi to secure $160 ($48 mln and €81 mln tranche in a year).

The loan was considered as $125 mln before. As the financial institutions are interested, the final sum rose 28% or $35 mln. The loans will be directed to corporate targets.

SOURCE: AZERI PRESS NEWS AGENCY