12:57 - 13.01.2023

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January 13, Fineko/abc.az. The EBRD refused to give a loan for a project owned by Universal Pro LLC operating in the construction sector of Azerbaijan, ABC.AZ reports, referring to the EBRD.

Universal Pro planned to build a four-storey building with an area of 3,700 sq m for renting offices to companies. Universal Pro LLC applied to the EBRD for a highly-secured loan of $3.5 million (AZN 5.95 million) for a project with a total cost of AZN 6.8 million.

The EBRD refused to give a loan to Universal Pro, citing the fact that the project does not contain serious environmental and social problems.

"The project is located in a residential area that was previously used as a parking space for a nearby shopping center, where there were no pollution problems. The project and the territory are not related to issues such as reconstruction, economic relocation or acquisition of other lands, since the project territory was acquired by the client from another private organization," the EBRD said.