Azerbaijan's Bank Respublika attracts $21 mln from EFSE for lending to business in country

BAKU. Dec 10 (Interfax) - Azerbaijan's Bank Respublika has attracted a loan in the national currency equivalent to $21 million from the European Fund for Southeast Europe (EFSE), the bank told Interfax.

The funds are provided for four years and will be used to finance micro, small and medium-sized entrepreneurship in the regions of Azerbaijan.

A corresponding loan agreement was signed on December 9.

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

EFSE's fund for supporting entrepreneurship was established in 2005.