Azerbaijan, Baku, Oct. 7 / Trend /
Azerbaijani DemirBank and AccessBank signed a five-year tripartite agreement with the Agency for International Development (USAID) to mobilize and allocate $3.3 million to provide loans to small and medium enterprises, especially companies involved in the agricultural sector of Azerbaijan, DemirBank said.
"This agreement provides simplified access and procedures for entrepreneurs of the non-oil sector to get loan financing. It aims to further stimulate the development of non-oil sector of Azerbaijan", a message said.
"USAID is pleased to support the private sector by stimulating lending to key sectors necessary for economic development.
"DemirBank has an extensive network of branches in the country. It provides good opportunities for our cooperation with USAID in the lending of agrarian sector. This program is of great importance to develop entrepreneurship in the regions, increase employment and improve welfare. We believe that program will be a success in terms of social orientation. It will contribute to the development of agricultural industry in our country ", DemirBank chairman Roman Amirjanov said.
One of the first banks of Azerbaijan, DemirBank (formerly called Azerdemiryolbank) started its operations in October 1989. Shareholders of the Banks include large international financial institutions, such as European Bank for Reconstruction and Development (EBRD) and Netherlands Development Finance Company (FMO).