Baku. Elnur Huseynguluyev - APA-Economics. The European Bank for Reconstruction and Development (EBRD) has allocated $ 7 million subordinated loan to Azerbaijan’s DemirBank. The loan is considered to support the development of the private banking sector in Azerbaijan.
Neil McKain, Head of the EBRD office in Azerbaijan, said: ‘DemirBank will be one of the first institutions to get a subordinated loan from the EBRD’.
Up to this day, the EBRD invested $ 2 billion in over 117 projects in Azerbaijan.
DemirBank started to operate in 1989 as Azerdemiryolbank.
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