Baku, Azerbaijan, Aug. 2
By Sara Israfilbayova – Trend:
To date, the European Bank for Reconstruction and Development (EBRD) has allocated 350 million euros to green investments through 26 projects in Azerbaijan, EBRD told Trend on Aug. 2.
The bank stressed the support being rendered by Baku Electronics which is a leading retailer of consumer electronic goods and home appliances in Azerbaijan.
“Baku Electronics (BE) is a long-term client of the EBRD,” the bank said. “The cooperation started in 2007 when BE received its first loan to finance the construction of a new techno store. The EBRD supported BE with two more loans in 2010 and 2012 and helped expand its operations.”
“In 2013 as a result of the successful expansion of its operations, Baku Electronics developed the investment programme that included the construction of new techno-stores to be financed with an EBRD loan of $13 million,” the bank said.
As reported, the latest transaction with BE was signed in June 2018. “It was to finance BE's working capital needs, which increased because of new store openings. BE also expanded its product range and introduced a new segment to its portfolio, which consisted of home and décor textile,” the bank said
The EBRD is a leading investor in Azerbaijan. The bank has invested about 3.3 billion euros in various spheres, namely energy, infrastructure, banking, industry and trade.
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