May 06, 2024 (MENAFN via COMTEX) --
(MENAFN - Trend News Agency) The loan agreement with Bank Respublika will offerattractive terms and conditions, making it easier for smallbusinesses to access finance.
EIB Global, the arm of the European Investment Bank (EIB) forfinancing activities outside the European Union, has signed a EUR10million loan agreement with Bank Respublika to support micro smalland medium-sized enterprises (MSMEs) in Azerbaijan. This agreementwill promote financial inclusion by providing loans to smallbusinesses at competitive terms and with the option to be disbursedin local currency, to boost investments, growth and employment.
The loan is being provided as part of EIB's MSME OutreachInitiative for the Southern Caucasus, which aims to improve accessto finance for MSMEs. The initiative will stimulate competition inthe banking sector and increase the quality and quantity of financeaccessible to small businesses. It will support creation ormaintaining of some 26,500 jobs in the Southern Caucasus region,fuelling private sector-driven growth and promoting socialinclusion.
The operation contributes to the goals of the European Union'sEconomic and Investment Plan (EIP) for the Eastern Partnership, inline with the flagship initiative to support 25,000 MSMEs inAzerbaijan.
EIB Vice-President Teresa CzerwinÌska , responsible for the Bank's activities inAzerbaijan , remarked,"The EIB is pleased to supportsmall businesses in Azerbaijan. Thanks to the partnership with BankRespublika, this loan will promote financial inclusion forunderserved MSMEs and increase their contribution to the economy will contribute to a diversified, sustainable and innovativeeconomy in line with the European Union's Economic andInvestment Plan in the country."
Director-General for Neighbourhood and EnlargementNegotiations of the European Commission Gert Jan Koopman emphasized,"The EU places a strong focus on supporting micro,small and medium-sized enterprises - a key part of theimplementation of the EU's Economic and Investment Plan inAzerbaijan. This loan is an important milestone of EIB activity inAzerbaijan and a welcome opportunity to support businessopportunities and economic development, improving livelihoodsacross the country."
Tariyel Ismayilov, CEO of Bank Respublika remarked," We are proud to be the key partner bank in Azerbaijanfor the EIB, the world's largest financial institution signing of this agreement is another important indicator ofthe confidence of international financial institutions in both thestability of the country's banking system and the reliability ofBank Respublika. Attracted funds will allow us to strengthen creditsupport of real sector which is our main priority, in particularsmall and medium-sized businesses, contributing to theeconomic development of the country".
About Bank Respublika
Bank Respublika was established in 1992 and is one of the fiveleading banks in Azerbaijan. The bank's shareholders includeGermany's largest financial institution - Sparkassen InternationalDevelopment Trust (a member of the Sparkassen-Finanzgruppefinancial group). The bank has one of the highest internationalratings in the banking sector of Azerbaijan - a rating of "B2" witha "Stable" outlook from Moody's.
About the EIB and EIB Global
The European Investment Bank (EIB) is the long-term financinginstitution of the European Union, owned by its Member States. Itprovides long-term finance for sound investments in pursuit of EUpolicy goals, supporting projects in four priority areas:infrastructure, innovation, climate and environment, and SMEs.
EIBGlobal is the EIB Group's specialised arm devoted toincreasing the impact of international partnerships and developmentfinance, contributing to the three overarching priorities of theEuropean Union: the European Green Deal, the Global Gateway andjobs, and sustainable and inclusive growth. Within Team Europe, EIBGlobal fosters strong, focused partnerships alongside fellowdevelopment finance institutions and civil society in closecooperation with other multilateral development banks. EIB Globalbrings the EIB Group closer to local people, companies andinstitutions through our offices around the world .
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COMTEX_451976115/2604/2024-05-06T16:39:17
