EBRD allocates loan to Azerbaijani group of companies
BAKU, Azerbaijan, Oct.27
By Fidan Babayeva - Trend:
The European Bank for Reconstruction and Development (EBRD) has provided a lending facility in the amount of 7 million manat ($4.1 million) to the Azerbaijani group of companies Veysеloglu, Trend reports citing the bank.
According to the bank, the facility is envisioned for financing the group's working capital and liquidity requirements that will be needed in connection with COVID-19 and its related consequences, which will last for an unforeseen future.
The facility was approved in the context of the bank's response to the COVID-19 pandemic.
The creation of a private sector during the period of socio-economic development with favorable conditions for doing business has made a positive contribution to the country's economy.
Veyseloglu Trading and Distribution Company, which started its activity in 1994 as a wholesale sales center, first imported food products exclusively from Turkey.
Through developing from year to year, within a short period of time, creating an extensive trade network equipped with modern technologies meeting high requirements, the company has evolved into a modern Trade Holding with a high level of service.
(1 USD = 1.7 manat on Oct. 27)
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