16:19 - 19.05.2020

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May 19, Fineko/abc.az. With the purpose to ensure access to financial instruments for the real sector in Azerbaijan in the context of the COVID-19 coronavirus pandemic, the Central Bank of Azerbaijan (CBA) and the European Bank for Reconstruction & Development (EBRD) signed a swap agreement worth $200 million.

ABC.AZ reports that the above-mentioned statement was made by the CBA.

According to the CBA, within the agreement local companies will have access to the EBRD's financial resources in the national currency of Azerbaijan.

Of those funds, it is planned to allocate $50 million or AZN 85 million to local companies in 2020, especially to small businesses that are facing temporary difficulties.

The EBRD has a long-term fruitful cooperation with Azerbaijan. To date, the Bank has allocated EUR 3.3 bn to finance 170 projects in Azerbaijan. The Bank also renders business advisory services to small and medium-sized businesses and provides technical support to improve the financial results and development of more than 1,000 companies.