Bank Respublika, EFSE sign loan agreement to support business in Azerbaijani districts
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, Feb. 1
By Nazrin Israfilova - Trend:
Azerbaijan's bank Respublika and the European Fund for Southeast Europe (EFSE) signed a loan agreement according to which a loan in the amount of $15 million will be issued to the bank, Trend reports citing the bank.
These funds will be used to finance micro and small businesses, in particular, to finance businessmen in the districts.
The raised funds will create the conditions for supporting businessmen working in all Azerbaijani districts thanks to the numerous branches of Bank Respublika.
EFSE Chairman of the Board Klaus Muller stressed that this partnership opens up new opportunities for the development of financing for agricultural enterprises in Azerbaijan.
“This new credit line not only will ensure long-term funding for EFSE's key customer groups,” Muller said.“It is issued in local currency. So, businessmen will be protected from currency fluctuations, which is important for sustainable economic growth.”
Chairman of the Board of Bank Respublika Tariyel Ismayilov stressed that the signing of this agreement shows the confidence of international financial institutions in the professionalism, qualitative services, operational work, as well as in the long-term stability of the bank.
'Partnership with such leading international financial organizations as EFSE will give us additional opportunities to finance the real sector, especially in the country's districts,' Ismayilov said.
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