After a long interval the third huge international financial organization entered Azerbaijan’s financial market with Bank Respublika!
The Bank told Report that Bank Respublika and European Bank for Reconstruction and Development (EBRD) signed loan agreements on development of the micro, small and medium-sized enterprises (MSMEs) in Azerbaijan. The signing ceremony was attended by representatives of European Union and Agrarian Credit and Development Agency.
The local currency equivalent of up to US$ 4 million will be on-lent to MSMEs across the country while the equivalent of up to US$ 2 million will be provided under the Azerbaijan Agricultural Finance Facility (AZAFF) to agricultural businesses. AZAFF, supported by EU funds, aims to step up financing for the country’s agricultural sector, boosting its development.
This is the third big agreement the bank signed with international financial organization this year. This means the trust of international financial markets in the bank. In 2019, the bank signed a loan agreement with the Dutch Development Bank (FMO) and a currency-swap agreement with IFC.
"EBRD’s back in Azerbaijani financial market indicates existence of favorable investment environment in the country. Choosing our bank as a main partner proves EBRD’s confidence in our bank. The agreements will make contribution to credit support to entrepreneurship, as well as development of agriculture in regions," head of the bank’s Management Board Tariyel Ismayilov said.