One of the largest commercial banks of Azerbaijan - Bank Respublika and the Dutch Entrepreneurial development bank FMO have signed a loan agreement in the amount of up to USD 10 mln to be provided in local currency.

The loan will support local micro, small and medium-sized enterprises (SMEs) engaged in agricultural sector as well as young entrepreneurs and women entrepreneurs. The wide branch network of Bank Respublika will allow to reach businesses operating in all regions of Azerbaijan.

“We appreciate the choice of Bank Respublika by FMO, as the main partner in Azerbaijan, as a high assessment of the stability and reliability of our bank. The funds raised will allow us to strengthen credit support of the real economy sector, which is priority area for us and especially small and medium-sized enterprises, thereby contributing to the development of the country's non-oil sector” said Tariyel Ismayilov, CEO of Bank Respublika.

”Through this new debt facility with our long standing customer Bank Respublika we are happy to support small and medium-sized businesses in the agricultural sector, as well as young and women entrepreneurs in Azerbaijan. This fits perfectly with FMO’s aim to create sustainable economic growth and help underserved entrepreneurs and businesses to flourish by offering them the financial means they need,’’ says Huib-Jan de Ruijter, Chief Investment Officer a.i. at FMO.

Bank Respublika - was established in 1992 and is among the five leading banks in Azerbaijan. The Bank’s shareholders include 2 largest financial institutions of Germany: Investment Company DEG, a member of KfW banking group, and Sparkassen International Development Trust, a member of financial group Sparkassen-Finanzgruppe.

Dutch Entrepreneurial development bank FMO - FMO is the Dutch entrepreneurial development bank. As a leading impact investor, FMO supports sustainable private sector growth in developing countries and emerging markets by investing in ambitious projects and entrepreneurs. FMO believes that a strong private sector leads to economic and social development and has a 50-year proven track-record of empowering people to employ their skills and improve their quality of life. FMO focuses on three sectors that have high development impact: financial institutions, energy, and agribusiness, food & water. With a committed portfolio of EUR 9.7 billion spanning over 85 countries, FMO is one of the larger bilateral private sector development banks globally.