The International Bank of Azerbaijan (IBA) and several major world banks signed credit agreements at the Azeri-German economic forum in Berlin on Tuesday.

The fist such agreement was signed with Germany’s Commerzbank, envisioning allocation of a $25 million to the International Bank to finance imports of German goods. Hermes insurance fund will act as guarantor for the loan, a source from IBA told AssA-Irada.

Under another agreement, worth $30 million, IBA granted authorization to Citigroup and Commerzbank to act as its agent to seek a syndicated credit line in the international markets for a period of one year. The amount may be further brought to $50 million. 10 banks from other countries are to be used to draw funds for IBA.