The mission of EBRD headed by banker for financial institutions Sardor Umurzakov has arrived in Baku with a three-day visit. Representatives of EBRDs Baku office told Trend the visit aims at signing the credit agreement between EBRD and UniBank of Azerbaijan on September 7.
UniBank will be opened a syndicated credit in amount of $7.5mln. EBRDs stake in this syndication amounts to $2.5mln for a period of time three years. The second part of the credit, up to $5mln, will be funded by other participants of the syndication. The credit is purposed for SMB development.
EBRD mission will also hold meetings with banks it European Bank work with. In 2006 EBRD already announced its intention to double its investments in Azerbaijans banking sector to $60-70mln. Within the last EBRDs annual session was signing the agreement for issuing credit links to five banks: Azerigazbank, Azdemiryolbank, Bank of Baku, UniBank and Bank Respublika.