EBRD Supports Growth of Azerbaijan’s Saloğlu with US$ 7 Million Local Currency Loan for Facility and Retail Upgrades

EBRD Supports Growth of Azerbaijan’s Saloğlu with US$ 7 Million Local Currency Loan for Facility and Retail Upgrades

(IN BRIEF) The EBRD is lending the equivalent of US$ 7 million in local currency to Azerbaijani furniture maker Saloğlu to finance new equipment for its Agstafa plant and upgrades to its retail network. Established in 2000, Saloğlu produces a variety of soft furniture and distributes international brands, with a long-standing relationship with the EBRD that has included advisory support and previous financing for energy-efficient facilities. The Bank’s investment aligns with its strategy to diversify Azerbaijan’s economy and strengthen the private sector, having committed €3.65 billion across almost 200 projects in the country.

(PRESS RELEASE) LONDON, 11-Aug-2025 — /EuropaWire/ — The European Bank for Reconstruction and Development (EBRD) is providing the equivalent of US$ 7 million in local currency to Saloğlu, Azerbaijan’s largest furniture manufacturer and retailer, to support the company’s continued expansion and competitiveness.

The financing will enable Saloğlu to invest in advanced equipment for its production facility in Agstafa and carry out refurbishments across its retail store network, strengthening its market position both in manufacturing and distribution.

Established in 2000, Saloğlu is known for producing a wide range of soft furniture sets for living rooms and bedrooms, including mattresses, chairs, and other home furnishings. In addition to its own product lines, the company distributes internationally recognized brands from Turkey, Italy, and the United States within the Azerbaijani market.

Saloğlu has maintained a long-standing partnership with the EBRD, beginning with advisory support through the Bank’s small business programme, co-funded by the European Union and the EBRD’s Small Business Impact Fund. Following consistent growth, the company secured an AZN loan equivalent to €4 million from the EBRD to construct an energy-efficient manufacturing plant in Agstafa and a warehouse in Baku.

The latest investment underscores the EBRD’s role as a major institutional investor in Azerbaijan, committed to promoting private sector growth and economic diversification. To date, the Bank has invested €3.65 billion in nearly 200 projects across the country.

Media Contact:

Rezo Bitsadze
Email: media@ebrd.com

SOURCE: EBRD