The Int. Bank of Azerbaijan (IBA) reported a delay to financing from the Black Sea Trade & Development Bank (BSTDB) for equipment & machinery of the glass factory in Azerbaijan. The bank blamed the delay on technical problems related to the lender & to the reception of documents, but said it expected the problems would be resolved shortly. The 5-year loan was extended to the IBA for on-lending to Caspian Management Systems, a private Azeri company which acquired the factory under the Azeri privatization program. BSTDB financing will contribute to the total project cost of EUR 15.4M, which will go to develop the glass plant capacity of 100M jars/bottles/year & provide around 100 jobs. Project financing comes from The Islamic Development Bank (USD 5M), the lender itself (EUR 5M) & the IBA. The facility will produce bottles/jars of different volumes.
