Three Azerbaijani banks are connected with EBRD program on financing micro and small entrepreneurship

Business Materials 19 December 2005 20:39 (UTC +04:00)

Today the European Bank for Reconstruction and Development (EBRD) signed loan agreements with two commercial banks, the bank “Respublika” and UniBank. For each of these banks credit lines for the amount of $2 million within the program of the micro and small entrepreneurship have been opened, Trend reports.

The loan to the вЂ�Respublika’bank has been allocated for 4 years, for UniBank вЂ" for 5 years. The interest rate on the bank’s credits is the six month libor+5%. The minimal amount of the credit for each borrower may constitute $100, and maximal вЂ" $100,000.

This is the EBRD new program, to which Azerdemiryolbank was the first to join. The program’s main purpose is providing small borrowers with financial resources, the head of the EBRD Baku office Reymond Convey said during the signing ceremony.

Today one of the bank’s main tasks is development of the retail servicing sphere, of which micro-crediting is the integral part, the UniBank board chairman Faig Huseynov noted. Opening of the credit line for UniBank is a serious step, enabling to solve a number of tasks in this respect.