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BSTDB discloses amount of funds allocated for SOCAR and SOCAR AQS operations

Energy Materials 31 May 2021 11:04
Baku, Azerbaijan Trend News Agency Leman Zeynalova
BSTDB discloses amount of funds allocated for SOCAR and SOCAR AQS operations

The Black Sea Trade and Development Bank (BSTDB) provided over EUR 110 million for SOCAR and SOCAR AQS operations in Azerbaijan, the Bank told Trend.

“The Bank’s involvement in the Azerbaijan energy sector started only in 2015 with the financing of the Shah Deniz 2 project development through our loan to Russian Lukoil company, which had an important regional cooperation impact. SOCAR and SOCAR AQS operations followed in 2019 and also promoted regional trade and cooperation. BSTDB provided over EUR 110 million for those energy sector operations,” said BSTDB.

The Bank said that for many years after the BSTDB started operations in Azerbaijan, the Bank has been mostly supporting local SMEs and provided trade finance facilities through a dozen Azerbaijani banks and financial intermediaries.

“The loan agreements signed with local banks to support the SME sector development in the country exceeded EUR 135 million.

A very important feature of our institution is its regional character and support for regional integration. So, in the first place, we are keen to finance projects that would benefit Azerbaijan and its neighbors and other Bank’s member countries. Those could be transport and energy and other infrastructure projects. We would be ready to consider such proposals,” said the BSTDB.

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