The European Fund for
Southeast Europe (EFSE) has partnered with Bank Respublika in Azerbaijan by
providing USD 15 million equivalent in Azerbaijani manat to support the
provision of sustainable financing to micro and small enterprises (MSEs) that
conduct their core business operations in rural areas or are engaged in
agriculture.
Bank Respublika is one of
the leading MSE financiers in Azerbaijan that is committed to serve
agricultural and rural businesses and thus contribute to increased financial
inclusion and sustainable economic development in rural areas. With their
extensive network, Bank Respublika is well positioned to support local entrepreneurs and promote
business growth across Azerbaijan.
EFSE Board Chairperson Klaus Müller said, "We are excited about our
partnership with Bank Respublika, as it has opened up a new opportunity to
advance financing of rural and agricultural MSEs in Azerbaijan. Not only will
this new loan facility provide longer-term funding to the fund’s key client
groups but having it in local currency ensures that entrepreneurs are
safeguarded from the ups and downs of currency fluctuations which is vital for
sustainable economic growth.”
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