EBRD allocates $4 million loan to Baku Electronics
Azerbaijan, Baku, July 7 / Trend N. Ismayilova /
The EBRD is providing a $4 million loan to Baku Electronics, a leading wholesale distributor of consumer electric and electronic appliances in Azerbaijan, to support the company's drive to improve retail standards, the bank said.
Established in 1994, Baku Electronics is the exclusive distributor of a number of internationally recognized electronic appliances brands in Azerbaijan, operating through the company's own as well as leased stores. The company was the first in the country to launch on-line shopping for consumer electronics.
The EBRD loan will finance the construction of a modern multi-brands store in Baku, in the densely populated suburb of Ahmadli. With an area of 1,000 square meters, the new two-floor store will be built with the use of advanced energy saving technologies.
"Through this investment the EBRD is supporting Baku Electronics in its strategy to enhance the company's competitiveness and implement world-class retail standards," Francis Delaey, Head of the EBRD office in Azerbaijan said.
Since the beginning of its operations in Azerbaijan, the EBRD has committed over $1.6 billion in various sectors of the country's economy, mobilising additional investment in excess of $5 billion.