BAKU, Azerbaijan, Aug.31
By Zeyni Jafarov – Trend:
VTB Bank (Azerbaijan) focused on lending to small and medium-sized enterprises plans to start lending to micro-business entities in the third quarter of 2021, Trend reports on Aug.31 citing the bank.
According to the bank’s representative, last year VTB entered into an agreement with the Entrepreneurship Development Fund under the Ministry of Economy of Azerbaijan, within which the bank began to provide business entities with preferential loans.
"At the moment, thanks to this cooperation, entrepreneurs have access to loans on favorable terms at 5 percent per annum to finance investment projects. The maximum loan amount is 10 million manat ($58.8 million) with a maturity of up to 10 years," the VTB Bank said adding that clients can take advantage of the grace period by paying only the interest on the loan.
Besides, according to the bank, in the first half of this year, the portfolio of loans to legal entities in the bank increased by almost 17.8 percent, up to 132 million manat ($77.6 million).
"It’s strategically important for our bank not only to offer profitable and technologically advanced services to enterprises but also to create a comfortable environment for business development in general," added VTB.
VTB (Azerbaijan) is the main partner bank for Azerbaijani entrepreneurs doing business with Russia. Its main task is to help Azerbaijani business enter new markets in the countries where VTB Group operates, as well as to support Russian companies operating in Azerbaijan. In the structure of the bank's shareholders, 99.99 percent of the shares belong to VTB Bank PJSC and 0.01 percent - to individuals.