Baku, Azerbaijan, Feb. 29
By Azad Hasanli - Trend:
The European Bank for Reconstruction and Development (EBRD) will allocate nearly $30 million this year to commercial enterprises in Azerbaijan, Neil McKain, head of the EBRD Baku office, told Trend Feb. 29.
It is expected that the number and volume of loans will be lower than last year, he said.
"As for the loans for banks, it is difficult to say, because there has been no demand so far," he said. "They [the banks] expect improvement of the situation in the sector. We understand their position and believe that it is the right one."
McKain went on to add that the second half of 2016 will be much more successful.
"I think we are going to have a very good year thanks to great infrastructure and gas projects," he said, adding that these are hard times for private sector, but it will be able to survive this period.
"We stand committed to these projects and are ready to help," he noted.
Azerbaijan has been an EBRD member since 1992.