Azerbaijan, Baku, Dec.10 / Trend /
A signing ceremony was for the European Bank for Reconstruction and Development (EBRD) to allocate a loan amounting to $6 million to Azerbaijani Bank Respublika in London. The loan has been allocated as part of the micro and small enterprises program.
The loan will be spent to finance investment projects through medium-term and long-term loans that will serve the private sector.
The decision to allocate the loan was adopted after studying the bank's financial activity, banking services, and subsidiary network.
Bank Respublika has worked with the EBRD since 2004 and received $59.2 million in loans.
Bank Respublika started operating in 1992. Among its shareholders are two large German financial institutions DEG and SIDT with a Bank Respublika share package of 25 percent + 1 share.
As of Dec. 1, 2009, Bank Respublika's aggregate capital was 60 million manat with a statutory capital of 30.6 million manat. The bank has 34 branbches and units in Baku and the regions.
The official rate was 0.8028 manat to the dollar Dec. 10.
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