European Bank Allots Credits to 2 Azerbaijani Nonbank Organizations
Azerbaijan, Baku / Trend corr U. Ismayilova / The European Bank for Reconstruction and Development (EBRD) allotted loans in the sum of $5mln to the nonbank credit organizations of Azerbaijani CredAgro and Shore Overseas Azerbaijan (SOA Credit) on 30 October.
CredAgro received $3mln. The funds will be mainly spent for expansion of loan activities and removing of restrictions in loan allocation in Azerbaijani regions.
SOA Credit received $2mln which will be spent for supporting small-scale entrepreneurship and construction sector.
The loan agreement was undersigned by the EBRD First Vice-President Varel Freeman the head of CredAgro Eldar Jafarov, and the head of SOA Seit Devdariani.
EBRD renders financial assistance to about 2mln organizations in East Europe, Russia, Central Asia and Caucasus. It invested €899mln to 188 financial institutes.