The EBRD is providing a $12 million loan to Azerbaijan’s largest furniture manufacturer Embawood to finance further improvements of the company’s production facilities. The funds will be used to improve the quality control to maintain the high standards of the company. Parts of the loan will be used for energy efficiency improvements at its three production units.

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EBRD provides $12 million loan to Azerbaijan’s largest furniture manufacturer Embawood

May 15, 2013. /Lesprom Network/. The EBRD is providing a $12 million loan to Azerbaijan’s largest furniture manufacturer Embawood to finance further improvements of the company’s production facilities. The funds will be used to improve the quality control to maintain the high standards of the company. Parts of the loan will be used for energy efficiency improvements at its three production units, as the EBRD said in a press release received by Lesprom Network.

The EBRD loan is complemented by Euro120,000 Technical Cooperation funds provided by the Early Transition Countries Initiative and the Regional Energy Efficiency Programme for the Corporate Sector.

The EBRD started working with the company in 2003 through the Bank’s BAS (Business Advisory Services) and TAM (Turn Around Management) programmes, supporting the company in the development of its corporate governance, financial management, quality control and health and safety.

Embawood is the largest manufacturer and retailer of home and office furniture in Azerbaijan. It owns seven factories, three of which are in Azerbaijan, two in Georgia and one each in Ukraine and Uzbekistan. In addition, Embawood is represented in ten countries via a retail trade network of around 200 shops.