EBRD allocates loan to Azerbaijan's company

The European Bank for Reconstruction and Development (EBRD) has issued a secured loan in the amount of $10.6 million to Akabe LLC company, which is a retailer of ceramic tiles and home improvement products in Azerbaijan, Report informs, citing the EBRD.

The loan aims to reorganize the balance sheet through refinancing of its short-term loans, increase working capital, respond to the challenging market environment, and construct a warehouse and auxiliary facilities.

Moreover, an ESAP has been prepared and agreed with the company covering all aspects of the Bank's Performance Requirements including further improvement of the Environmental, Social, Health, and Safety management systems, inter alia, appointment of the dedicated EHS coordinator, review and update of the HR procedures, implementation of supply chain management, fire safety, construction safety and, workers and community safety, stakeholders engagement.

The total cost of the project exceeds $13.3 million. Of this, 80% will be financed by "EBRD Shareholder Special Fund" and 20% by the company.