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BSDB expands its portfolio on Azerbaijan for another $ 20 million

Business Materials 29 September 2014 12:13 (UTC +04:00)

Baku, Azerbaijan, Sept.29

By Maksim Tsurkov - Trend:

Black Sea Trade and Development Bank provided a loan of $20 million to the largest manufacturer of furniture in Azerbaijan - Embawood Company, said a report published on the website of the bank.

Credit is allocated for a period of five years for the development of Embawood group of companies.

"This partnership will have a positive impact on the economy of Azerbaijan, including the creation of new jobs and increase in tax revenues," the statement said. "Moreover, these loans will make it possible to expand the company's activities in Georgia and increase sales in the countries of the Black Sea Economic Cooperation, which will have a positive impact on the regional economy in general."

Embawood Company has already had experience of cooperation with international financial institutions. Last year, the EBRD allocated $12 million to the company for improvement of production facilities.

Embawood is the largest manufacturer and retailer of home and office furniture in Azerbaijan. It owns total of seven factories with three being in Azerbaijan and four located outside the country - one each in Ukraine and Uzbekistan and two in Georgia. Embawood is represented in ten countries via a retail trade network of around 200 shops.

BSTDB was established in 1996 and began operations in June 1, 1999. The bank's main office is located in Thessaloniki, Greece. The share of Azerbaijan's participation in the capital of the bank accounts for 5 percent. Its members are 11 countries. The Bank supports the principles of the development of regional cooperation, and participates in the financing of projects in member countries and in equity.

At present, the bank's portfolio on Azerbaijan is $166.978 million on 32 signed loan agreements. The total volume of 34 loans approved at the Board of Directors BSTDB reaches $214.348 million.

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