EBRD supports Azerbaijani furniture maker

• EBRD lends US$ 7 million to Azerbaijani furniture maker Saloğlu in local currency
• Loan will be used to upgrade production and retail facilities, supporting growth
• Saloğlu is a longstanding client of the Bank

The European Bank for Reconstruction and Development (EBRD) is lending the equivalent of US$ 7 million to Saloğlu, Azerbaijan’s leading furniture producer and retailer, in local currency to help boost its competitiveness.

This loan will help the company to purchase new equipment for its production facility in Agstafa and refurbish its network of retail stores.

Founded in 2000, the company specialises in producing soft furniture sets for living rooms and bedrooms, manufacturing items such as mattresses and chairs. Saloğlu also distributes Turkish, Italian and US brands in Azerbaijan.

Saloğlu is a longstanding client of the Bank. Initially, the company worked with the EBRD to increase its competitiveness under the Bank’s advisory programme for small businesses, funded by the European Union and the EBRD’s Small Business Impact Fund.

After achieving consistent growth, the company received an AZN loan equivalent to €4 million from the EBRD, enabling it to build an energy-efficient production facility in Agstafa and a warehouse in the capital, Baku.

The EBRD is one of the leading institutional investors in Azerbaijan, supporting efforts to diversify the economy and develop the private sector. To date, the EBRD has invested a total of €3.65 billion in the country across almost 200 projects.