EBRD lends up to US$10 million to Bank Respublika in Azerbaijan
The European Bank for Reconstruction and Development (EBRD) announced on 28 April that it had granted a loan of up to US$10 million (€8.86 million) in local currency to Bank of the Republic, one of Azerbaijan’s leading commercial banks and a long-standing partner of the EBRD.
Bank Respublika will lend the proceeds on to micro, small and medium-sized enterprises (MSMEs) in the country.
The loan seeks to boost the competitiveness of the private sector by providing medium-term local currency funding to Azerbaijani businesses. The majority of the proceeds will be lent on to MSMEs based outside the capital, with many located in rural areas across the country.
The transaction will benefit from a first loss guarantee under the European Fund for Sustainable Development Plus (EFSD+) programme, which is backed by the European Union.
The EFSD+ financial inclusion programme is designed to empower MSMEs and foster their competitiveness and growth. The programme’s strong financial tools seek to encourage intermediaries to direct new lending to those firms that need it most.
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