The European Bank for Reconstruction and Development (EBRD) has allocated a syndicated loan worth USD 42 million to Demirbank, one of the leading private banks in Azerbaijan, to support private sector development.

Some USD 13 million of this amount was allocated by US, the rest by other banks. The loan will be invested across many sectors of the country's economy, from micro, small and medium-sized enterprises (MSMEs) to large infrastructure projects.

EBRD's Head of Baku Office Neil McKain said the loan bring EBRD's total investment in Azerbaijan this year to $255 million, which is already more than for the whole of 2013.

"We invest across many sectors of the country's economy, from micro, small and medium-sized enterprises (MSMEs) to large infrastructure projects, and we are pleased to work with Demirbank to support further improvements in the private sector," he said.

Bakudaily.Az