One
of the largest commercial banks in the country, Bank Respublika, received
another credit tranche from the European Bank of Reconstruction and Development
(EBRD). In the scope of agreements signed in 2019, the bank successfully
utilized first tranches, which made possible to support and finance the clients
of Bank Respublika.
The
second tranche will be used for financing projects for micro, small, and medium
businesses, third of which will be used particularly for agricultural sector
within the framework of the AzAFF program with the support of EU4Business
initiative. It should be mentioned that financing of small and medium
businesses is one of the main strategic directions for the bank.
The
attracted funds will be mainly used for financing entrepreneurs working in
regions and rural areas in particular. The loan in national currency will
further expand possibilities of business lending in the country along with
creation of more stable conditions for its financing.
"We
highly appreciate that, after a long break, EBRD returned to the financial
market of Azerbaijan with Bank Respublika in December last year. Considering
the present pandemic situation the allocation of the next tranche indicates a strong
confidence in our bank from one of the largest International Financial
Institutions - EBRD. The attracted funds will allow us to strengthen credit
support for the real sector, in particular, small and medium-sized businesses
in the regions and to contribute to the development of the country's non-oil
sector” said Tariyel Ismayilov, the Chairman of the Executive Board of Bank
Respublika.
Bank Respublika is a wholesale private bank in Azerbaijan, among the shareholders of which are 2 large financial institutions of Germany: DEG Investment Company, a member of KfW banking group, and Sparkassen International Development Trust, a member of Sparkassen-Finanzgruppe financial group.
For more information, visit the official website and Facebook account of the bank or dial 144.
www.anews.az
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