Black Sea Trade and Development Bank Supports Azerbaijan's SMEs with AZN 8.5 Million Facility

Strategic Insights -

The Black Sea Trade and Development Bank (BSTDB) has partnered with Azer-Turk Bank (ATB) to provide AZN 8.5 million in funding to support small and medium-sized enterprises (SMEs) in Azerbaijan's manufacturing, services, and agriculture sectors. This initiative aims to enhance the capacity of eligible businesses to invest, expand operations, and contribute to regional economic development. The partnership marks BSTDB's latest effort to support Azerbaijan's economy by diversifying and strengthening its non-oil sector.

Key Takeaways:

  • The Black Sea Trade and Development Bank has signed an AZN 8.5 million SME facility agreement with Azer-Turk Bank, providing funding for eligible small enterprises in Azerbaijan's manufacturing, services, and agriculture sectors.
  • The partnership aims to support the diversification and long-term resilience of Azerbaijan's economy by expanding access to finance for businesses operating outside the oil and gas sector.
  • The agreement will enable Azer-Turk Bank to on-lend funds to eligible SMEs, enhancing their capacity to invest, expand operations, and contribute to regional economic development.
  • The partnership reflects BSTDB's commitment to supporting the development of the private sector across the Black Sea region through targeted partnerships with national financial institutions.
  • Dr. Serhat Koksal, President of BSTDB, stated that the launch of this new collaboration underscores the importance of supporting the non-oil sector, which is vital for diversifying Azerbaijan's economy.
  • Mr. Orkhan Huseynov, Chairman of the Management Board of Azer-Turk Bank, commented that the new agreement will open up new perspectives for cooperation and enable Azer-Turk Bank to contribute more actively to the development of the national economy and its diversification.
  • Azer-Turk Bank is a state-supported bank headquartered in Baku, offering a full range of corporate and retail banking services in Azerbaijan and abroad.

Statistics:

  • AZN 8.5 million in funding will be provided to support SMEs in Azerbaijan's manufacturing, services, and agriculture sectors.
  • The agreement will be implemented by Azer-Turk Bank, which will on-lend the funds to eligible SMEs.
  • The partnership is a result of BSTDB's efforts to support the development of the private sector in Azerbaijan and the Black Sea region.

Sources:

  • A press release from the Black Sea Trade and Development Bank
  • Azer-Turk Bank, a state-supported bank headquartered in Baku.