The International Bank of Azerbaijan recently secured a $160 million dual-currency syndicated loan to use for corporate needs.

The transaction was meant to raise $125 million, but strong interest from international investors led to heavy oversubscription and allowed the IBA to increase the amount to $160 million, Reuters reports.

The facility has a tenor of one year and is dual-currency, with tranches of $48 million and 81 million Euros ($111.9 million).

Leading managers of the transaction were Raiffeisen, Citibank, Amsterdam Trade Bank N.V., Commerzbank, ING and JPMorgan.

"The strong support for this facility demonstrates the growing confidence and trust international investors place in the Azeri banking system and particularly in IBA," the bank said, according to Reuters.

AccessBank, another Azeri bank, secured a $60 million syndicated loan earlier in April. The loan was arranged by Raiffeisen Bank International AG and joined by 16 other foreign banks. The money raised will be used for lending to micro businesses, Reuters reports.

The IBA is the largest bank in Azerbaijan and the only one that is state-owned.