BP and EBRD sign agreement to support private sector in Azerbaijan

The agreement is aimed at providing transparent and effective access to commercial finance for local businesses including small and medium size enterprises (SME).

Under this agreement, BP will spend $5.25m and being implemented by EBRD this agreement will cover the three year program starting from the fourth quarter of 2006 and will be used to provide loans and technical assistance to local businesses and enterprises.

"This program is designed to contribute to the development of broader private enterprise development in Azerbaijan," said Bill Schrader, BP-Azerbaijan president, APA reports.