Baku, Azerbaijan, June 6
By Emin Aliyev - Trend:
European Bank for Reconstruction and Development will allocate a total of $300 million for projects in Azerbaijan, EBRD Baku Office head Neil McKain told Reuters.
Last year, EBRD allocated 163 million euros to implement 17 projects in Azerbaijan.
Azerbaijan has attracted the bank to the active support of the country's private sector.
In particular, to invest in the share capital and to increase in direct lending of companies, including the expansion of operations through the development of corporate governance, implementation of best international practices, technologies and know-how in projects.
Neil McKain told Trend previously that EBRD plans to launch two new credit lines in the country.
"As part of the first line, funds to finance small and medium-sized business in the field of energy efficiency will be allocated to three banks. The second credit line provides financing for women entrepreneurs," McKain said.
According to him, all these measures are part of the new EBRD strategy in Azerbaijan.
The first such credit will be allocated to "Demirbank". The bank will spend the allocated funds on lending to individuals and legal entities, wishing to invest in their own energy efficiency. EBRD Board of Directors is expected to approve the allocation of funds on June 25.
Since 1992, EBRD has allocated $2.5 billion to implement 146 projects in Azerbaijan. Some $1.3 million have been allocated to finance 10 government-backed projects, while $1.2 million to finance 136 projects in the private sector.
