EIB signs credit agreement with Azerbaijani bank

"Bank Respublika" and the European Investment Bank have signed a credit agreement for a volume of 10 million euros to support entrepreneurs, Azernews reports.

The European Investment Bank (EIB), responsible for financing activities outside the borders of the European Union, has signed a credit agreement with "Bank Respublika" in Azerbaijan for a volume of 10 million euros to support micro, small, and medium-sized enterprises (MSMEs). This agreement will strengthen financial accessibility by providing loans to small business entities on competitive terms and in local currency, aiming to stimulate investments, economic growth, and employment.

This credit is offered within the framework of the EIB's Southern Caucasus SME Finance Facility to improve access to finance for SMEs in the region. The initiative will foster competition in the banking sector and increase the quality and quantity of financial resources available to small businesses. Additionally, by creating nearly 26,500 jobs in the South Caucasus region, it will contribute to growth driven by the private sector and promote social integration.

Aligned with the objectives of the European Union's Eastern Partnership under the Economic and Investment Plan (EIP), this agreement contributes to advancing the goals of supporting 25,000 small and medium-sized enterprises in Azerbaijan as part of a pioneering initiative.