Azerbaijan, Baku, May 16 / Trend A. Badalova /
European Bank for Reconstruction and Development (EBRD) will provide a €7 million loan to finance a new production line for gypsum plaster and dry mixes of Azerbaijani construction materials manufacturer Matanat-A, EBRD reported on Wednesday.
"One of the EBRD's priorities in Azerbaijan is to support the growth of the non-oil private sector by investing in dynamic small and medium-sized enterprises," EBRD's report said.
Fast-growing manufacturer of construction materials Matanat-A is Azerbaijan's biggest maker of surface covering materials such as gypsum plaster, mortars, cement-based adhesives and concrete additives.
"Matanat is a home-grown enterprise which not only strives to provide high quality products to the construction sector, but has demonstrated its commitment to the highest standards of management and corporate governance - exactly the kind of enterprise the EBRD aims to support. Matanat will benefit not only from EBRD financing but from expert advice through the Enterprise Growth Programme", Neil McKain, EBRD Head of Office in Baku said.
Late last year, Matanat also started a project to improve the group's commercial and marketing management with the EBRD's Enterprise Growth Programme - a donor-supported programme that brings top quality experts to SMEs around the region.
To date, the EBRD has invested over €2.1 billion in various sectors of the Azeri economy, mobilizing an additional €5.3 billion from other sources of financing.