EBRD issues secured loan to Azerbaijan's Akabe LLC
Date
6/11/2020 10:17:30 AM
(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 11
By Eldar Janasjvili – Trend:
The European bank for Reconstruction and Development (EBRD) has issued a secured loan in the amount of $10.6 million to the Azerbaijani Akabe LLC company, Trend reports citing EBRD.
The loan is aimed to reorganize the balance sheet by refinancing its short-term loans, increasing the need for working capital for responding to difficult market conditions and building a warehouse and auxiliary facilities.
The total cost of the project exceeds $13.3 million.
Akabe LLC is engaged in the sale of building materials. The company is a retailer of ceramic tiles and household goods in Azerbaijan.
EBRD is an important institutional investor in Azerbaijan. To date, the bank has invested 3.3 billion euro through over 170 projects in the country. It also provides business advice to local small and medium-sized enterprises (SMEs) and has helped more than 1,000 firms to improve their performance and growth.
The EBRD is a multilateral bank that promotes the development of the private sector and entrepreneurial initiative in 38 economies across three continents.
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