Local AccessBank unit will invest $ 15 million in loans to small and medium businesses.
That is the amount he raised in the framework of cooperation with the Black Sea Trade and Development Bank, said in the statement of BSBTD.
"Credit funds will be used to finance projects in Azerbaijan to modernize, expand production capacity, diversification of products and services for industrial, agricultural and industrial enterprises of small and medium-sized businesses, as well as working capital requirements," it is noted in the official material.
AccessBank Azerbaijan and BSBTD have been collaborating since 2005. In the years 2005-2014 BSBTD provided AccessBank loans totaling $ 37 million.
AccessBank has been operating in Azerbaijan since 2002. AccessBank shareholders are the European Bank for Reconstruction and Development, International Finance Corporation, the Black Sea Trade and Development Bank, Germany's KfW, Access Holding, and LFS Financial Systems GmbH.
BSBTD was founded in January 1997 to support the economic development of Black Sea countries and the strengthening of regional cooperation. Its founders and shareholders are the governments of 11 countries, including Azerbaijan, Russia, Turkey, Ukraine and Georgia. Azerbaijan's share in the bank's capital is 5%. - 17D-
Economics
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The State Statistics Committee of Azerbaijan reported that in 2024 investments in fixed assets reached 21,435.1 million manats, which is 0.7% less than in 2023. While overall figures edged lower, the sectoral breakdown reveals notable disparities between the oil and gas sphere and non-oil industries.
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Azerbaijan’s industrial enterprises and individual entrepreneurs reported a modest 1.1% year-on-year increase in industrial production during 2024, reaching an output valued at 64.1 billion manat. The State Statistics Committee attributed the overall growth to a 0.5% expansion in the oil and gas sector, while non-oil and gas industries surged by 7.3%.
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Global diesel prices and refining margins have spiked following the latest U.S. sanctions targeting Russian oil trade, as markets brace for reduced supply, analysts and LSEG data indicate.
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Azerbaijani President Ilham Aliyev hosted Georgian Prime Minister Irakli Kobakhidze on Friday for high-level talks aimed at further developing the strategic partnership between the two neighboring countries in the South Caucasus.
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