Deal between EBRD and CredAgro to be signed in August

Business Materials 22 June 2006 17:36 (UTC +04:00)

The signing ceremony of the credit agreement between European Bank for Reconstruction and Development (EBRD) and non-banking credit organization CredAgro may be held in August-September. The delay in signing of agreement is related with the audit inspection of activities of CredAgro for 2005, which was held by Azerbaijani TID Consult, rating assessment realized by the Italian agency Microfinanza and other procedures, Trend reports quoting the organization. All these questions will be resolved by the end of July.

EBRD has already confirmed the opening of the credit line for CredAgro totaling $1m for a 3-year period for the support of small and medium enterprises.

The agreement had to be concluded on May 11 within the visit of the EBRD president Jane Lemer to Azerbaijan, but it was annulled due to non-approval of the deal by ACDI- VOCA. CredAgro will be the first non-banking organization that receives credit for EBRD. Up to now, EBRD financed mainly banking organizations in Azerbaijan.