Pasha Bank, a large commercial bank located in Azerbaijan, and Commerzbank have signed a loan agreement for the export financing of technical equipment for an industrial bakery worth €5.26m. The industrial bakery Saglam Gida is currently being built in Sumgayit, near the Azerbaijan capital of Baku, and will acquire the industrial production technology to set up five product lines.
The total value of the project is €23.3m. Werner & Pfleiderer Industrielle Backtechnik will supply the equipment to this facility. Euler Hermes will provide export credit cover for the loan agreement.
This deal is the first to be concluded as part of the €20m basic loan agreement signed between Pasha Bank and Commerzbank.
“The agreement promotes trade relations between Azerbaijan and Germany and supports the implementation of various projects for companies operating in Azerbaijan. The economy of Azerbaijan and its industrial development is advancing rapidly, Pasha Bank customers – small-to medium-sized enterprises (SMEs), as well as large corporates – are determined to make the fullest use of this exciting time of opportunities,” said Farid Akhundov, chief executive officer (CEO) Pasha Bank.
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