EFSE and Bank Respublika channel USD 15 million towards entrepreneurs in rural Azerbaijan

31.01.2022 14:07

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.”

"Signing of this Agreement is another indicator of the confidence of international financial institutions in the bank’s professionalism, service quality, efficiency, as well as in the long-term stability. Partnerships with leading international financial institutions such as EFSE will provide us with additional opportunities to finance the real sector, especially businesses operating in rural areas of the country" said Tariyel Ismayilov, CEO of Bank Respublika.

www.anews.az

Did you like the news?

Share on social networks