The European Investment Bank has committed a loan of 50 million Euro to the International Bank of Azerbaijan (IBA). According to the report of the largest financial-credit organization in Azerbaijan, the relevant agreement was signed yesterday.
Under the agreement, the funds raised will be used to support small and medium businesses. "In particular, these opportunities will be a benefit for companies operating in the service sector and the non-oil sector, which will support the diversification of the economy and strengthen the position of IBA in the industry," the statement said.
European Investment Bank operates in the European Union and focuses primarily on long-term loans.
IBA has been operating since 1992. More than half (51.07%) of its shares is owned by the government represented by the Ministry of Finance, and the rest (48.93%) - by a variety of businesses and individuals. --17D-
Economics
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