IFC is ready to lend to Azerbaijani banks in national currency
Baku, Azerbaijan, Feb. 5
By Maksim Tsurkov - Trend:
Azerbaijani financial institutions prefer receiving foreign loans in dollars, Senior Coordinator for Investment in Europe, the Middle East and North Africa of the International Finance Corporation, Natalia Bogomolova told Trend Feb. 4.
She attended the Azerbaijan banking and financial forum in Baku.
"The corporation has tools allowing lending in local currency," he said. "However, there is no demand for this tool in Azerbaijan. So far, the IFC has not issued the loans to the Azerbaijani financial institutions in AZN."
She said that this tool would be useful for SME lending.
"It is more profitable for the small and medium-sized entrepreneurs to get loans in the national currency to pay the necessary costs in national currency," she said. "We are ready to lend in AZN."
Azerbaijan has started cooperating with IFC since 1995. The corporation's portfolio on Azerbaijan is $414 million that was allocated for the implementation of 73 projects.
follow the author on Twitter: @MaksimTsurkov
Edited by CN