TODAY.AZ / Business

EBRD to allocate credit for Azeri Bank

19 February 2005 [11:02] - TODAY.AZ
The European Bank for Reconstruction and Development (EBRD) will allocate a $1m credit to Bank of Baku, according to the EBRD.
The loan is part of a support to the development of non-oil sector, in particular, the financial sector of the national economy and is allotted for 3.5 years for support to small and medium-scale business.

Under the trade assistance program, the EBRD increased the credit line to Azerbaijan by $500,000 and increased it to $1m to support the development of services on financing the international trade.

Bank of Baku received the first credit line for $1m in 2004 and the funds were fully used.

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