EBRD lends $2mln to Arkobank

The European Bank for Reconstruction and Development (EBRD) extended Friday a $2 million loan to Arkobank, one of Azerbaijan’s leading commercial banks. The loan, provided under the EBRD’s Multi-Bank Framework Financing Facility for Azerbaijan, will be used to promote the growth of small and medium-sized businesses.

Arkobank will also benefit from $500,000 under the EBRD’s Trade Facilitation Program, which aims to facilitate international trade in the Bank’s countries of operations.

The EBRD loan will be distributed to Arkobank over a five-year term and is to be provided in two equal tranches.*