BAKU, Azerbaijan, June 12
By Eldar Janashvili - Trend:
The European Bank for Reconstruction and Development (EBRD) has issued a secured loan worth $3.5 million to Azerbaijan’s Unimetal LLC, Trend reports citing the EBRD.
The project was approved in the context of the EBRD’s response to the COVID-19 pandemic.
Unimetal LLC is one of the leading manufacturers of building materials in Azerbaijan.
The proposed transaction is a secured first-priority loan in the amount equivalent to 6 million manat to Unimetal LLC.
“The bank will provide support to Unimetal LLC to cover the damage to the company from COVID-19, caused to its activities and finances. The loan will provide the company with the necessary liquidity buffer and working capital to support its operations in adverse market conditions due to the impact of the pandemic,” said the EBRD.
“The loan consists of two tranches in the amount of $2.1 million manat for refinancing basic needs for repaying debt on an existing EBRD loan and 3.8 million manat for liquidating the liquidity deficit during the recovery period after a period of special quarantine in Azerbaijan.
Unimetal is one of the leading manufacturers and traders of metal structures and building materials in Azerbaijan. Founded as a trading company, Unimetal LLC gradually moved to the production of a wide range of metal products for the construction sector.
The EBRD is an important institutional investor in Azerbaijan. To date, the bank has invested 3.3 billion euros in 170 projects in the country. It also provides business advice to local small and medium-sized enterprises (SMEs) and has already helped more than 1,000 firms improve their performance.
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