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Azerdemiryolbank gets a credit line from EBRD

25 June 2009 14:31 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. The EBRD has approved a credit line of USD 13 million to Azerdemiryolbank to support the Azeri economy via credits to the countryâ€™s micro and small and medium-sized business sectors.

Of the total, $3 million will be provided for SME lending and $10 million for lending to the micro sector.

The proposed credit line is supporting EBRDâ€™s country strategy for Azerbaijan and will further support the increase of financial intermediation in the market and promote competition. Supporting the development of the private companies and banking sector in Azerbaijan by increasing medium-term financing to the productive sector of the economy through domestic banks would facilitate the strengthening of domestic production. Furthermore, the loan will increase availability of funds to Azeri small and medium-sized companies to facilitate their expansion.

The credit line will be provided under the Azerbaijan Financial Sector Framework.

Azerdemiryolbank, an open joint-stock company, is one of the leading private banking institutions in the Republic of Azerbaijan, majority owned by private individuals.