BAKU, Azerbaijan, February 1
By Nazrin Israfilova – Trending:
The Respublika Bank of Azerbaijan and the European Fund for South Eastern Europe (EFSE) signed a loan agreement according to which a loan in the amount of 15 million dollars will be granted to the bank, Tendency reports citing the bank.
These funds will be used to finance micro and small businesses, in particular, to finance neighborhood entrepreneurs.
The collected funds will create conditions to support businessmen working in all Azerbaijani districts through numerous branches of Bank Respublika.
EFSE Board Chairman Klaus Muller stressed that this partnership opens up new opportunities for the development of agricultural business finance in Azerbaijan.
“This new line of credit will not only provide long-term funding for EFSE’s core client groups,” Muller said. “It is issued in local currency. Thus, businessmen will be protected from currency fluctuations, which is important for sustainable economic growth.
Chairman of the Board of Directors of Bank Respublika Tariyel Ismayilov stressed that the signing of this agreement shows the confidence of international financial institutions in the professionalism, quality services, operational work, as well as in the long-term stability of the Bank.
“Partnering with leading international financial organizations like EFSE will give us additional opportunities to finance the real sector, especially in the districts of the country,” Ismayilov said.