The EIB on Wednesday (16th September) signed a EUR 50 million loan agreement with International Bank of Azerbaijan, the country's leading bank, to finance projects promoted by SMEs and midcaps.
EIB Vice-President Laszlo Baranyay, responsible for lending operations in the Eastern Partnership countries, stated: “The EIB financing will enhance access to finance for Azerbaijani SMEs and midcap companies, particularly in industry and services not related to the oil and gas industry, thus contributing to the diversification of the economy of Azerbaijan.”
This is the second loan the EIB has granted in the country based on its mandate from the EU covering the Eastern Neighborhood and Central Asia. In 2014 the bank signed a loan of EUR 25 million with AccessBank to support projects promoted by small and medium-sized enterprises.
Ulvi Mansurov, Deputy Chairman of the Board of the International Bank of Azerbaijan, said: “It is a great honour to launch this collaboration with such an esteemed institution as the EIB. We believe that this cooperation will bring benefits to the economy of Azerbaijan and help the International Bank of Azerbaijan to strengthen its position in the SME and midcap sector in the country.”