The European Bank of Reconstruction and Development (EBRD) is ready to expand its operations in the financial sector. “The bank will start the cooperation with the Azerbaijani non-bank credit organizations under the MSE financing program in 2006,” Chikago Kuno, the Director of the EBRD Group on small business, told Trend.
“Besides, several more banks will receive finance,” Kuno added.
“EBRD seeks to double the portfolio on financing of MSE and SME, co-financing, trade financing and investment in capital of local banks in 2006,” Raymond Convey, the representative of EBRD in Azerbaijan, told Trend.
Convey said that the portfolio was estimated at $40m at present.