IBA provides 300 mln USD guarantee to local airlines company

Baku. 19 December. REPORT.AZ/ The International Bank of Azerbaijan (IBA) sent 300 mln USD guarantee letter to Wilmington Trust Company (USA). 

Report informs, referring to bank’s semi-annual report.

According to report, the guarantee has been provided for funding purchase of two Boeing B747-8F air liners and one GEnx-2B67 replacement engine by Silkway Airlines. IBA and airlines company signed a deal with this purpose.

Beside this, the bank also signed 558.9 mln USD trade loaning agreement with American company Cargill Financial Services to be executed in several tranches during 2016.

Notably, IBA was founded in 1992. Its authorized stock capital is 641.287 mln AZN. 54.96% of banks shares belong to Ministry of Finance, 27.26% to “Agrarcredit”, 17.78% to 13 non-governmental enterprises and 1759 individuals.