July 20, Fineko/abc.az. One of the largest commercial banks in the country, Bank Respublika, received another credit tranche from the European Bank of Reconstruction and Development (EBRD). In the scope of agreements signed in 2019, the bank successfully utilized first tranches, which made possible to support and finance the clients of Bank Respublika.
The second tranche will be used for financing projects for micro, small, and medium businesses, third of which will be used particularly for agricultural sector within the framework of the AzAFF program with the support of EU4Business initiative. It should be mentioned that financing of small and medium businesses is one of the main strategic directions for the bank.
The attracted funds will be mainly used for financing entrepreneurs working in regions and rural areas in particular. The loan in national currency will further expand possibilities of business lending in the country along with creation of more stable conditions for its financing.
“We highly appreciate that, after a long break, EBRD returned to the financial market of Azerbaijan with Bank Respublika in December last year. Considering the present pandemic situation the allocation of the next tranche indicates a strong confidence in our bank from one of the largest International Financial Institutions - EBRD. The attracted funds will allow us to strengthen credit support for the real sector, in particular, small and medium-sized businesses in the regions and to contribute to the development of the country's non-oil sector” said Tariyel Ismayilov, the Chairman of the Executive Board of Bank Respublika.
“We are certainly glad to have an opportunity to support our reliable partner, Bank Respublika, and through them small and medium-sized enterprises as well as agricultural sector. This is becoming especially important in the new realities of Covid-19” said Ivana Duarte, the Head of ERBD Office in Baku.
Bank Respublika is a wholesale private bank in Azerbaijan, among the shareholders of which are 2 large financial institutions of Germany: DEG Investment Company, a member of KfW banking group, and Sparkassen International Development Trust, a member of Sparkassen-Finanzgruppe financial group.
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