BAKU/20.12.13/TURAN : European Bank for Reconstruction and Development (EBRD ) under the framework of general banking financial services in Azerbaijan has allocated Bank Respublika a credit line of U.S. $ 9.4 million .
As stated by Bank Respublika, the line of credit in the amount of $ 5.4 million will be allocated to finance investments and working capital of local companies , micro, small and medium enterprises , as well as the allocation of long-term loans . The amount of $ 1 million of the credit line will be provided by the Special Fund - Regional Development Initiative , funded by BP Exploration ( Caspian Sea ) Limited.
Another line of credit in the amount of $ 4 million will be provided to clients of the bank mortgage lending to finance the purchase of property , construction or repair of an apartment .
" For the development of non-oil sector of Azerbaijan is required to support small and medium-sized businesses . We are deeply gratified that the Initiative for Regional Development , the first financial institution , which will benefit from the new phase of cooperation with BP is precisely Bank Respublika. This stage will attract additional finance to the SME sector and will contribute to the empowerment of access to finance ," said the head of the Permanent Mission of the EBRD Baku Neil McKain .
Since 2004 , Bank Respublika is one of the most active partners EBRD , and in 2008 became the first bank in the country , which has received a loan from the EBRD for the development of mortgage lending. - 15D -
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