International Bank of Azerbaijan attracts large foreign loan

Baku. 17 September. REPORT.AZ/ International Bank of Azerbaijan Republic (IBAR) and the European Investment Bank (EIB) signed in Luxembourg the agreement on a loan in the amount of 50 million Euro. 

Report informs referring to the IBAR, the credit line is aimed at supporting small and medium business in Azerbaijan and will finance priority projects in this business area.

The credit agreement will improve access for small and medium-sized businesses to financing in Azerbaijan. In particular, these opportunities will benefit companies operating in the service sector and non-oil sector of industry.

European Investment Bank is a financial institution of the European Union to finance development in the form of long-term loans. The bank's shareholders are the EU Member States.