Azerbaijan's International Insurance Company announced recently that it has signed a $3 million loan agreement with the Amsterdam office of ING Bank.
It is the first time this type of facility has been extended on the Azerbaijani insurance market and establishes a new tradition of cooperation with international financial institutions, the IIC said.
The funds will be used for general purposes, including increasing the company's client portfolio, diversifying sources of income, and improving its insurance services.
Under the agreement, the term of the loan is 370 days with an option to extend for the same period of time.
International law firm Baker & McKenzie provided legal support for the transaction.
Founded by the International Bank of Azerbaijan in 2002, IIC is the biggest bank in the country and one of the top 50 banks in the CIS, providing insurance services to both individuals and corporations.
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