AccessBank signed a framework agreement with Asian Development Bank (ADB), which supports the Bank in institutional development and capacity building until the end of 2018. Within the framework of this cooperation, ADB will provide technical assistance to the Bank in two strategic areas - the further development of retail services with a focus on e-banking and the introduction of non-financial services for urban and rural small and medium enterprise (SME) clients.
"We are very pleased to expand our successful partnership with ADB and see their renewed cooperation as a sign of trust and commitment to a long-term partnership. I am sure that based on this development framework, our Bank will further improve its service standard and product range for the benefit and convenience of our customers throughout the country." - said Michael Hoffmann, CEO of AccessBank.
"We are pleased to work with AccessBank through ADB's private sector operations in supporting entrepreneurs by providing financial services and contributing to the development of their institutional capabilities, especially in Azerbaijan's regions" says Rainer Hartel, Director, Public Management, Financial Sector and Trade at ADB.
ADB, based in Manila, supports Azerbaijan through sovereign and non-sovereign operations fostering inclusive and environmentally sustainable economic growth. During the period of cooperation, since 1999, within the framework of 12 projects the ADB has allocated to Azerbaijan loans for $ 2.64 billion, technical aid for $ 10 million on 7 projects, and loans to the private sector, exceeding $ 160 million. -0—
Economics
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Azerbaijan has taken a step toward diversifying its agricultural sector by launching the country’s first commercial banana production, with local producer Fruitland introducing tropical fruits to the domestic market.
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Azerbaijan, Georgia, Turkey, and Bulgaria have agreed on the draft text of a memorandum of understanding in the field of green energy transmission, marking a significant step in the development of sustainable energy ties in the region. The document aims to expand energy exchange between the countries and establish a legal framework for the Green Energy Corridor project.
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Azerbaijan’s labor market has expanded, with the total number of employees in the country’s economy reaching 1.78 million as of early January 2025, according to preliminary data from the State Statistics Committee. The data reveals a nearly equal distribution of employment between the public and private sectors, with 882,800 people working in state-run institutions and 895,700 in the non-public sector.
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Azerbaijan’s Information and Communication Technologies Agency (ICTA) held a meeting with representatives of internet service providers (ISPs) and telecom operators to address concerns over the accuracy of reported internet speeds and the country’s ranking in global broadband performance indices.
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