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CredAgro non-bank financial institution seeks to get $6 million from EBRD

CredAgro non-bank financial institution seeks to get $6 million from EBRD

13 January 2010 16:10 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. Azerbaijan-based non-bank microfinance institution CredAgro intends to get a loan in the size of $3 million to $6 million from the EBRD in the first quarter of 2010, said Eldar Jafarov, Director of CredAgro.

â€œWe have had preliminary negotiations. We will discuses the size of this loan today,â€ he added.

In his words, proceeds of the loan will go to the development of small and medium-sized business, and financing small business projects.

This will be the third loan agreement between CredAgro and EBRD.

CredAgro, set up by ACDI/VOCA in 2000, is a microfinance institution with a strong focus on agricultural and rural lending.

CredAgro lends loans at 25-36% annually.

It operates 14 branches and 8 representative offices throughout the country.

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