BAKU, Azerbaijan, Dec. 9
By Khagan Isayev - Trend:
The European Bank for Reconstruction and Development (EBRD) has extended eight million euro loan to Azerbaijan’s GemZA Group engineering-manufacturing company to meet needs of a new production facility, Trend reports on Dec. 9 referring to EBRD.
According to the message, the loan’s allocation is part of the EBRD’s work to support small and medium-sized enterprises (SMEs) in the Caucasus and help to improve their operations and standards.
“With EBRD support, GemZA Group aims to expand its production capacity, increase the range of services it offers and become more competitive regarding pricing and quality. With greater financial flexibility, it will be able to offer more attractive terms and expand its client base,” the message said.
Besides, the loan will also finance some of the group’s working capital needs.
GemZA Group has been operating since 2005 and has clients in Azerbaijan, eastern Europe, Central Asia, Turkey and the UAE.