EBRD pledges $5m to Bank of Baku

The Bank of Baku was established in 2005 as a result of the merger between two local private banks and is now Azerbaijan’s seventh largest bank by assets.

The co-financing facility will be used for loans to private Azerbaijan companies.

The EBRD will participate in sharing the risks.

Head of the EBRD Baku office, Aygen Yayikoglu, said the funding for Bank of Baku underpins EBRD's strong support in Azerbaijan for the development of private banks and the promotion of private sector.

Yayikoglu, noted strengthening Azerbaijan's banking sector will benefit the country's whole economy.

To-date, the EBRD has signed 54 investments worth more than $900 million in Azerbaijan.

The EBRD is focused on the development of a strong financial sector, the support of micro, small and medium-sized enterprises and the development of the non-oil private sector. AzerTAg