EBRD to finance home appliances retailer in Azerbaijan
BAKU, Azerbaijan, Jan. 23
By Eldar Janashvili - Trend:
Optimal Elektronika, a consumer electronics and home appliances retailer in Azerbaijan, is expanding with the help of a loan of 11.5 million euros in manat equivalent by the European Bank for Reconstruction and Development (EBRD), Trend reports referring to the EBRD website.
Established in 1997, Optimal Elektronika owns almost 80 shops across the country. With a market share of 12 percent, it is one of the leading retailers in Azerbaijan.
The company will use the bank’s funds to build an administrative building and a warehouse, purchase the enterprise resource planning software SAP and refinance short-term loans. The EBRD loan will also finance the company’s increased working capital needs as it expects sales to grow further.
The EBRD is one of the leading institutional investors in Azerbaijan, where it focuses on supporting the diversification of the economy and the development of the private sector.
To date, the EBRD has invested 3.3 billion euros through 168 projects in Azerbaijan. The bank also provides business advice to local small and medium-sized enterprises and has helped more than 1,000 firms to improve their performance and growth.
Helping successful Azerbaijani companies to expand is part of the EBRD’s effort to make the local economy more competitive and diversified.