Unibank and the European Bank for Re-construction and Development have given a large loan to a local company operating in Azerbaijan to set another example of Unibank’s support to the progress of the real economic sector. In accordance with the agreement signed by Unibank and the EBRD, the petroleum industry services company Dalğıc Ltd was lent USD 10 mn that will be spent to expand the business of the company, building a storehouse and purchase the equipment for underwater operations.

The executive director of Unibank Jalal Gasimov said at the loan agreement signing ceremony that such companies as Dalğıc Ltd ensure the progress and modernisation of the real sector of Azerbaijan’s economy.

‘The support to such innovative companies is one of the priorities of Unibank. The anticipated creation of new jobs in the format of this project will put on the road more qualified local personnel. The finance of this project is the outcome of the high-standard co-operation between Unibank and the EBRD. I would like to say that this project is the biggest project in Azerbaijan co-financed by the EBRD and the local banks. We are encouraging the other local companies to use this soft-condition finance instrument,’ Gasimov said.

The EBRD representative in Azerbaijan Neil McCain said that the EBRD was glad of supporting such successful projects. This loan, one of the projects undertaken by the EBRD jointly with the local banks, has been allocated through the medium-scale business finance and will ensure the expansion of the local company operations, according to McCain. He went further to say that the project was a sign that the marine research carried out in Azerbaijan is in line with the international standards.

The director general of Dalğıc Ltd Ilgar Sadikhov added, in turn, that the Unibank/EBRD finance was a great development impulse and a momentum behind the increasing service standards of the company.