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.