The FINANCIAL — The Black Sea Trade and Development Bank made available a USD 5 million SME loan facility to Unibank in Azerbaijan.
Unibank will use the facility for financing projects for modernization, capacity expansion and diversification of products and services of small and medium-sized enterprises (SMEs) in Azerbaijan. According to the Black Sea Trade and Development Bank , the term of the facility is 5 years.
“BSTDB continues to facilitate access to capital for SMEs, which is essential for the country’s sustainable growth. Support for the SME sector development is a priority under the Bank’s country strategy agreed with the Government of Azerbaijan last year”, said Mustafa Boran, BSTDB Vice President Banking.
"With this financing, BSTDB and Unibank continue its long-standing relationship. Financing of small and medium-sized enterprises is one of the bank’s focus activities, and the project contributes to securing jobs in this field. As one of biggest commercial banks in Azerbaijan, we have a special responsibility in this issue, said Faig Huseynov, chairman of Unibank` s Board.
This is the second SME loan facility provided by BSTDB to Unibank, after a successful completion of the first credit line in the amount of USD 5 million provided in 2008. Besides, Unionbank has been utilizing a BSTDB Trade Finance Facility in the amount of USD 3 million since 2005, under which the aggregate amount of disbursements has reached USD 15.7 million.