IFC allocates $20 mln to Azerbaijan's Bank Respublika to finance SMEs and green projects

BAKU. Nov 15 (Interfax) - The International Finance Corporation (IFC) has provided a $20 million loan to Azerbaijan's Bank Respublika, the corporation said.

The IFC has provided the funds in Azerbaijan's national currency, the manat, which Azerbaijan will use to finance micro-, small- and medium-sized businesses (MSMEs), as well as green projects.

Azerbaijan will use half of the loan funds to finance MSME projects specifically and use the other half to finance green projects.

Bank Respublika has been operating since 1992, and it is the fifth largest bank in Azerbaijan in terms of assets. The bank's main shareholders are entrepreneur Natig Guliyev and his relatives. The shareholders also include SIDT (4.25%), a member of the financial group Sparkassen-Finanzgruppe.

Azerbaijan has been a member of the IFC since 1995, during which the IFC has allocated about $900 million to finance around 60 projects in Azerbaijan.

Azerbaijan had 22 banks with licenses to operate in as of September 30, 2024.