The European Bank for Reconstruction and Development (EBRD) has announced a lending the equivalent of $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 U.S. brands in Azerbaijan.
Accoring to EBRD statement, 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.
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.
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