The European Bank for Reconstruction and Development (EBRD) continues to support the real economy in Azerbaijan through a $3m financing to Muganbank.
The financing aims to ensure a continuous flow of credits to small businesses and to enhance the local bank’s trade facilitation activities.
In details, the EBRD facility includes:
– a $2m credit line to maintain sustainable micro, small and medium enterprise lending activities across the country;
– a $1m trade finance facility under the Bank’s Trade Facilitation Programme (TFP) to support guarantees, letters of credit and bank-to bank reimbursement undertakings issued by MuganBank in the context of cross-border trade.
This is the third financing facility provided by the EBRD to local Azerbaijani banks in the last week. The other two operations include a $6m credit line to Bank Respublika and a $10m equivalent local currency loan to AccessBank.