Baku, Azerbaijan, June 19
By Emin Aliyev - Trend:
The European Bank for Reconstruction and Development continues to explore the possibility of financing agriculture in Azerbaijan, head of the EBRD Baku office, Neal McCain said.
"We continue to work with government structures, banks and microfinance institutions aimed at the facilitation of access to finance resources for farmers in regions of Azerbaijan," he said.
Another priority direction, in which the bank will invest this year, is the corporate sector, according to McCain.
"We already have several projects pending their settlement in the corporate sector. For example small and medium-sized contractors in the energy sector, a major manufacturer of kitchen furniture, as well as a manufacturer of construction boards appealed to us for getting resources. I think that, these projects can be approved by the end of this year," he said.
EBRD plans to allocate loans totaling $300 million to projects in Azerbaijan this year.
The EBRD has allocated 163 million euros for the implementation of 17 projects in Azerbaijan last year.
EBRD intends to launch two new credit lines in Azerbaijan during the year.
Three banks of the country will be allocated with funding within the first credit line to finance small and medium-sized businesses in the sphere of energy efficiency. The second credit line provides financing for women entrepreneurs.
All these measures are part of the EBRD`s new strategy in Azerbaijan which was approved in late April.
Since 1992, EBRD has allocated $2.5 billion to implement 146 projects in Azerbaijan. Some $1.3 million have been allocated to finance 10 government-backed projects, while $1.2 million to finance 136 projects in the private sector.
Edited by CN