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EBRD to invest in another project in Azerbaijan

Finance Materials 16 April 2021 11:20 (UTC +04:00)
EBRD to invest in another project in Azerbaijan

BAKU, Azerbaijan, Apr.16

By Zeyni Jafarov - Trend:

The European Bank for Reconstruction and Development (EBRD) has approved the allocation of a $2-million loan to the Azerbaijani RER Modern Hides LLC, Trend reports citing the EBRD.

According to the EBRD, the loan will be used to finance the company's project to build a new modern production facility and auxiliary facilities worth $4.4 million.

The implementation of the project will allow RER Modern Hides to improve the quality of its products and expand its range, covering export markets, said the bank.

“The project matches with the key priorities of the EBRD Strategy for Azerbaijan, which states that the bank will support the expansion of local companies through direct financing and targeted long-term advice while promoting economic diversification,” the EBRD stressed.

RER Modern Hides LLC is engaged in the production and export of raw hides in Azerbaijan.

The EBRD has been cooperating with Azerbaijan since 1992 and is the leading investor in the country. Investments are directed to energy, infrastructure, banks, industry, and commerce.

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