EBRD allocates $10 mln to Azerbaijan's Bank Respublika to expand small business financing

BAKU. April 29 (Interfax) - Azerbaijan's Bank Respublika has secured a $10 million loan from the European Bank for Reconstruction and Development (EBRD) under the European Fund for Sustainable Development Plus (EFSD+) program to expand financing for micro, small and medium-sized businesses.

The funds are provided in the national currency (manat) for a term of three years, Bank Respublika said.

"The EFSD+ program aims to expand opportunities for small and medium-sized businesses, enhancing their competitiveness and growth. The attracted funds will be directed towards financing priority sectors for both the country and the bank, particularly to support entrepreneurs operating in the regions," it said.

Bank Respublika was established in 1992 and is among Azerbaijan's top five leading banks.

Azerbaijan has been a member of the EBRD since 1992. Over the period of cooperation, the bank has approved nearly 3.5 billion euros in loans for the implementation of 177 projects in the country. The current active portfolio includes 35 projects totaling 1.132 billion euros.