ECONOMY
EBRD opens two credit lines to Azerbaijani Bank Respublika
Baku, December 18 (AZERTAC). Under its Azerbaijan Multi-Bank Framework Financing Facility, the European Bank for Reconstruction and Development (EBRD) is providing $ 9.4 million to Bank Respublika, which has wide national coverage and is the sixth-largest bank in Azerbaijan in terms of assets, EBRD said on Tuesday.
A credit line of $ 5.4 million will be used for on-lending to micro, small, and medium-sized enterprises (MSMEs) to finance investments and working capital for local businesses with medium and long-term loans.
Some $ 1 million of the loan will be provided by BP and its co-ventures aimed to support MSMEs along the BTC/SCP pipelines as part of the Sustainable Development Initiative Programme in Azerbaijan. Another credit line of $ 4 million will be used for mortgage lending to private individuals, enabling them to finance the purchase, renovation or construction of homes.
Bank Respublika has been an active partner of EBRD since 2004 and was the first bank in Azerbaijan to receive an EBRD mortgage development financing loan in 2008.