Azerbaijan's International Insurance Company (IIC) and ING Bank, one of the world's leading banks, raised a $3 million loan agreement late last month--the first raised abroad for the Azerbaijani insurance market.
"For the first time, a project implemented on the Azerbaijani insurance market, given the strategic objectives on Company's business development, is aimed to create a tradition of cooperation with international financial institutions," IIC said. "The borrowed finances will be used for general corporate purposes, including to increase the client portfolio, diversify sources of income, as well as to improve insurance services of the Company. Under the agreement, the loan funds from the Amsterdam office of ING Bank are given to IIC for 370-day period. The agreement also says of the extension of loan term."
IIC added that, by the end of 2013, ING Group's assets, including ING Bank, which is among the top-10 European and top-30 international financial institutions, exceeded $1.5 trillion.
"Allocation of a loan to Azerbaijan's insurer by such a prestigious financial institution is an indicator of economic development of Azerbaijan, its growing image as a stable and reliable partner of the world," IIC said.
IIC will continue to work toward cooperation with international financial institutions and develop new projects, it said.
IIC was founded by the International Bank of Azerbaijan in 2002 and renders services on 32 types of insurance to both individual and legal entities.
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