Baku, Azerbaijan, Sept. 7
By Azad Hasanli – Trend:
With over 294 million euros of finance, the European Bank for Reconstruction and Development (EBRD) has been backing the growth of small and medium-sized enterprises (SMEs) in Azerbaijan for decades, EBRD said in a message Sept. 7.
The funds were allocated via direct financing and lending through local banks.
EBRD noted that helping diversify the Azerbaijani economy beyond the energy sector is a priority.
“Since 2003, more than 850 SMEs in Azerbaijan have received advisory services, boosting their competitiveness. The EBRD tools to assist SMEs to reach their potential include specific priority areas such as accounting improvement, through helping SMEs secure investments, export promotion training to help them conquer new markets, and the Women in Business program, aimed at providing financing and advice to companies that are managed by female entrepreneurs.”
“In Azerbaijan, the EBRD has also provided 233 million euros in indirect finance, supporting an SME lending portfolio of our partner banks reaching over 94,000 micro, small and medium-sized enterprises annually,” the EBRD said.
Azerbaijan has been a member of EBRD since 1992. Since then, the bank has invested more than $2.8 billion in 161 projects in Azerbaijan’s financial, corporate, infrastructure and energy sectors.