Azerbaijan, Baku / Trend / In June 2007, the Bank of Baku was the first bank in Azerbaijan to successfully complete the co-financing projects together with EBRD. In December of 2006, a USD 5 mln co-financing credit facility agreement was signed between the Bank of Baku and EBRD. This credit facility was designed to finance the capital needs of large corporate clients of the Bank of Baku. In accordance with this agreement, EBRD participated together with the Bank of Baku in sharing the risks on a 50/50 basis.
EBRD's assistance is highly appreciated as this product will further stimulate the growth of the larger corporate clients of the Bank of Baku and will concentrate the bank's efforts on financing non-oil related sectors of the economy.