On July 15, 2015 Central Bank of Azerbaijan and International Bank of Azerbaijan signed agreement on launch of credit line in the amount of AZN 30 million for Temiz Sheher OJSC. The agreement is valid till July 15, 2025 and interest rate on the loan makes up 1%.
According to OJSC’s financial statement for 2016, prepared by Baker Tilly Azerbaijan Audit Company, as of December 31, 2016 the residual of the loan makes up AZN 1,195,876. Throughout the year, the OJSC got AZN 13,305,727 in addition in accordance with the agreement.
According to the agreement, the Finance Ministry is planned to transfer the residual of the loan by tranches.
As of December 31, 2016 the Ministry paid AZN 18,091,596 to IBA in principal amount and AZN 119,560 in accrued interest.