Baku, October 12, 2023. After a long break, another large international financial organization has returned to the banking market in Azerbaijan! A loan agreement was signed between Bank Respublika, one of the leading banks in Azerbaijan supporting the real sector and the Asian Development Bank (ADB). According to the agreement, the Bank will receive a large amount of credit in domestic currency equivalent to 20 million US dollars.
The funds raised will strengthen credit support of the real sector, a priority area for both the Bank and the country’s economy, in particular finance micro, small and medium enterprises, as well as finance entrepreneurial activities of youth and women. Thanks to the extensive branch network of Bank Respublika, the funds attracted will be used to support entrepreneurs operating in all regions of Azerbaijan. A loan in national currency will further expand business lending opportunities in the country, and also contribute to building more stable financing conditions.
“We highly appreciate that Asian Development Bank, after a long break, has returned to the bank market of Azerbaijan with Bank Respublika. This contract is another important sign of of the confidence by international financial institutions both in the stability of the country's banking industry and in the relaibility of Bank Respublika. Partnership with leading international financial organizations such as ADB will allow us to support the real sector on more favorable terms and thereby contribute to the development of entrepreneurship in the country,” stated Tariyel Ismayilov, Chairman of the Executive Board of Bank Respublika.
"MSMEs are essential to lift incomes and create jobs in Azerbaijan, as they employ more than two-thirds of working people, and nearly 40% of registered women-owned businesses are in the agriculture sector. Bank Respublika's work aligns with ADB's goal of improving food security, strengthening agriculture, and helping women to access finance, training, and markets." said ADB’s Azerbaijan Country Director Candice McDeigan.
"Bank Respublika is a strong and valued partner due to its significant presence in rural areas, focus on MSMEs, and commitment to improving financial access for women and rural customers. This deal draws from our regional experience, particularly the advantages of using local currency to strengthen capital markets" said ADB’s Director General, Private Sector Operations Department, Suzanne Gaboury.
Bank Respublika was established in 1992 and is among Top 5 leading banks of Azerbaijan. Among the bank’s shareholders are Sparkassen International Development Trust (a member of the Sparkassen-Finanzgruppe Finance Group), one of Germany’s largest financial institutions. The bank has one of the highest international. ®
Finance
-
A delegation from the Baku Stock Exchange (BSE) met with Arsal Makhtafar, the head of the Development Finance Institute at J.P. Morgan, the BSE reported. According to the statement, a presentation was shown during the meeting, highlighting Azerbaijan's economic indicators, the exchange's development path, strategic goals, and current status.
-
The joint-stock company BOA Agency, which specializes in the accumulation of overdue debts (including bank loans) in Azerbaijan, will hold an extraordinary general shareholders' meeting on December 22 at 11:00, the company announced in the newspaper “Taxes” of the State Tax Service under the Ministry of Economy.
-
The analysis shows that the economic growth in Azerbaijan in 2026-2028 will be fully ensured at the expense of the non-oil and gas sector.This is stated in the conclusion of the Accounting Chamber on the Draft Law ‘On State Budget for 2025’.
Leave a review