Bank Respublika and EFSE sign loan agreement to support businesses…

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(MENAFN – Trends News Agency)

BAKU, Azerbaijan, February 1

By Nazrin Israfilova – Trending:

Azerbaijan Respublika Bank and European Fund for South Eastern Europe (EFSE) have signed a loan agreement under which a loan in the amount of $15 million will be provided to the bank, Trend 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.

“The partnership with leading international financial organizations such as EFSE will provide us with additional opportunities to finance the real sector, especially in the districts of the country,” Ismayilov said.

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