Bank Respublika and EFSE sign loan agreement to support entrepreneurship

Bank Respublika secures a €21 million loan from EFSE

Baku, December 09, 2024. Bank Respublika, one of Azerbaijan's leading banks supporting the real sector, and the European Fund for Southeast Europe (EFSE) have signed a major loan agreement.

Under the agreement, the international financial institution will provide Bank Respublika with a loan of €21 million in Azerbaijani manats (AZN) for a term of four years.

The funds will be allocated to finance micro, small, and medium enterprises (MSMEs), particularly to support entrepreneurs in the regions. With Bank Respublika's extensive branch network, the secured funds will create favorable conditions for supporting entrepreneurs operating across all regions of Azerbaijan.

"This agreement is yet another significant indicator of international financial institutions’ confidence in both the reliability of Bank Respublika and the resilience of the country’s banking system. We thank our partners at EFSE for their cooperation and are confident that the secured funds will enable us to enhance credit support for our priority real sector, particularly small and medium businesses, thereby contributing to the country’s economic development" noted Tariyel Ismayilov, Chairman of the Management Board of Bank Respublika.

"Together with Bank Respublika, we are deepening our cooperation to deliver impactful financial solutions for entrepreneurs in Azerbaijan. This new loan in Azerbaijani manats underscores the relevance of local currency financing, enabling businesses to grow sustainably while being protected from foreign exchange risks.” said Andrea Hagmann, Chairperson of EFSE’s Board of Directors.