Azerbaijan, Baku, August 29 /Trend, E.Aliyev/
The European Bank for Reconstruction and Development (EBRD) has allocated around $2.5 million worth of loans to Azerbaijani non-bank organisation, TBC Kredit, for financing small and medium sized businesses, according to a message from the bank posted on its website on Wednesday.
In addition, around $1 million worth of additional financing will be allocated for TBC Kredit from the Taiwan International Cooperation and Development Fund. The allocated resources will be used for expansion and diversification of the credit portfolio of TBC Kredit and for medium term financing of individual entrepreneurs.
'These resources will give an opportunity to satisfy the growing demand for financing small and medium enterprises in Azerbaijan and contribute to competition in the country's finance sector', according to the message from EBRD.
Since the beginning its activity in Azerbaijan, EBRD has invested over $2.1 billion in various sectors of the country's economy, mobilising an additional $7 billion from other funding sources.
The EBRD activity is aimed at supporting the development of local enterprises and financial agencies and in particular contributing to the formation of a competitive, transparent and fair business environment in Azerbaijan.
The non-bank credit organisation TBC Kredit has operated in Azerbaijan since 1999. About 75 per cent of the company's capital is owned by leading Georgian TBC Bank and 25 per cent by ShoreBank International Ltd since December 2007.