Azerbaijan, Baku / Trend / BP and International Financial Cooperation are to implement a program to access financing in the west regions of Azerbaijan.
ВР, on behalf of its partners, signed an agreement with the International Financial Corporation (IFC) within the framework of the Regional Development Initiative. IFC is a member of the World Bank. The agreement envisages the allocation of the grant to the sum of $1mln in order to simplify access to financing for micro and small enterprises in the Azerbaijani west regions.
The new project enables the International Bank of Azerbaijan (MFBA) to create its braches in Mingachevir and Gazakh regions. A new branch will be opened in each region. IFC and Azerbaijani Micro Financing Bank allocate $2.3mln in order to support the project. The goal of the new project is to simplify access to loans for small-scale enterprises, as well as enterprises engaged in trade and agricultural fields. The investments by ВР and its partners will be used to pay for services of international financial experts on loan and to increase the skill of professional managers engaged in loan allocation.