Azerbaijan's Unibank attracts 10 mln euros from EFSE fund for financing MSMEs

BAKU. June 24 (Interfax) - Azerbaijan's Unibank has attracted a loan of 10 million euros from the European Fund for Southeast Europe (EFSE), which is managed by the international company Finance in Motion.

According to the bank's information, the two-year agreement on the provision of funds was signed for financing micro, small and medium-sized enterprises (MSMEs).

Unibank's management board acting chairman, Heybat Gadirov, said that cooperation with Finance in Motion will allow the bank to strengthen support for businesses whose activities align with sustainable development goals.

Through the EFSE, Finance in Motion aims to expand the capabilities of local financial institutions, such as Unibank, in the field of responsible financing for MSMEs, the organisation's regional director Oksana Binzaru said.

The EFSE was established in 2005 on the initiative of KfW Development Bank with the support of the German government and the European Commission. Finance in Motion GmbH manages 10 funds with a total portfolio of over 4 billion euros.

Unibank was created in October 2002 and is among the top ten largest banks in Azerbaijan. The bank's shareholders include seven individuals. The main shareholder is Eldar Garibov with a 94.07% stake in its capital.