Bank Of Baku

BP and EBRD sign agreement to support private sector in Azerbaijan

BP and EBRD sign agreement to support private sector in Azerbaijan
# 15 November 2006 16:02 (UTC +04:00)
The European Bank for Reconstruction and Development (EBRD) and BP-Azerbaijan have signed an agreement to jointly support private sector development in Azerbaijan, APA reports. The agreement is aimed at providing transparent and effective access to commercial finance for local businesses including small and medium size enterprises (SME).
Under this agreement, BP will spend $5.25m and being implemented by EBRD this agreement will cover the three year program starting from the fourth quarter of 2006 and will be used to provide loans and technical assistance to local businesses and enterprises.
“This program is designed to contribute to the development of broader private enterprise development in Azerbaijan,� said Bill Schrader, BP Azerbaijan President. /APA/
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THE OPERATION IS BEING PERFORMED