EBRD to approve another five projects in Azerbaijan

Business Materials 2 December 2009 11:50 (UTC +04:00)

Azerbaijan, Baku, Dec. 2 / Trend N.Ismayilova /

Next week, the European Bank for Reconstruction and Development (EBRD) plans to approve the opening of credit lines to two more Azerbaijani banks - Accessbank and Bank Respublika, head of the EBRD Baku Office Delhaye Francis said.

"The EBRD is expected to approve five projects by late 2009," he said.

In 2010, the EBRD plans to invest more than $ 200 million in Azerbaijan's economy, he said earlier.

In 2010, the bank plans to finance a major project in the corporate sector and ten in finance.

About 50 percent of the bank's projects include the energy sector, 25 percent - finance, including nine percent fells to the banks, six percent - microfinance institutions, three percent - non-bank credit organizations and five percent - the corporate sector.

So far, the bank's portfolio in the country amounts to $911 million. In 2008, the Bank has invested in 19 Azerbaijan's projects worth $ 114 million. Totally, in Azerbaijan the EBRD undertook 90 projects, investing a total of $1.5 billion given to attract financing from other commercial banks.

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