May 19, 2020 / 4:07 PM / 11 days ago

EBRD to offer loans worth $200 mln to companies in Azerbaijan

TBILISI, May 19 (Reuters) - The European Bank for Reconstruction and Development (EBRD) said on Tuesday it would offer loans worth a total of $200 million to companies in Azerbaijan in the form of swap transactions.

The EBRD said it had decided to support Azerbaijan as the country’s economy faced a double challenge from the coronavirus outbreak and low global oil prices.

“Of the $200 million, $50 million will be channelled to local firms, including smaller viable enterprises experiencing temporary difficulties, already this year,” the EBRD said in a statement after it signed an agreement with the central bank of the former Soviet republic.

Reporting by Margarita Antidze; Editing by Gareth Jones

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