BSTDB Steps Up Small Business Support in Azerbaijan
Press Release | 24-Jun-2022
New trade finance facility to strengthen export capacity in the country
The Black Sea Trade and Development Bank (BSTDB) has extended a new revolving trade finance facility of USD 5 million to TuranBank, an experienced SME-lender in Azerbaijan.
The latest BSTDB facility is specifically tailored to finance capital expenditures and the working capital needs of domestic micro-, small and medium-sized enterprises (SMEs) trading with other countries in the Black Sea region. The development of the ‘real sector’ and promotion of intra-regional trade and cooperation are key priorities of BSTDB in Azerbaijan.
The signing ceremony took place in Baku during the Bank’s Business Forum addressing the country’s on-going need for diversification and innovation in the economy. Commenting on the agreement, Dmitry Pankin, BSTDB President, said: “Supporting intra-regional trade is a priority for BSTDB, especially at a time of heightened economic risks and disruptions in the supply chain. We are pleased to enhance our cooperation with TuranBank, one of our long-standing partners in the country, to help real sector businesses engaged in international trade overcome challenges and boost their competitiveness and growth.”
“Private businesses, including small and medium-sized enterprises (SMEs) in Azerbaijan will be better able to import necessary goods, equipment and export their products following the new USD 5 million trade finance deal between our two Banks. It should be noted that TuranBank has been successfully developing cooperation with the Black Sea Trade and Development Bank since 2011. It is worth noting that apart from trade finance loan, TuranBank and BSTDB cooperate in the field of SME financing to expand entrepreneurs' access to financial resources in local currency. “
Established in 1992, TuranBank OJSC is a fully licensed bank engaged in traditional banking business. In line with its corporate strategy, along with the principles of retail banking, the Bank attaches great importance to cooperation with international financial institutions focusing on the development of micro, small and medium entrepreneurship. The bank had a network of 17 branches and 1 office across the country. The Bank intends to contribute to the development of the non-oil sector segments like industry, agriculture, construction, commerce and service by carrying out projects to support micro, small and medium entrepreneurship. More info available on: https://www.turanbank.az/en
The Black Sea Trade and Development Bank (BSTDB) is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. BSTDB is rated long-term “A-” by Standard and Poor’s, “Baa1” by Moody’s and “A+” by the Russian credit rating agency ACRA. For information on BSTDB, visit www.bstdb.org.
Contact:
Haroula Christodoulou
E-mail: cchristodoulou@bstdb.org
Phone: +30 2310 290533
Twitter: @BSTDB; @Haroulax
