BSTDB and Azer-Turk Bank Join Forces to Enhance Small Business Growth in Azerbaijan
Press Release | 10-Sep-2025
New Facility Expands Access to Finance and Supports Economic Diversification
Small and medium businesses across Azerbaijan’s manufacturing, services, and agriculture sectors are set to benefit from a fresh injection of funding, following the signing of an AZN 8.5 million SME facility agreement between the Black Sea Trade and Development Bank (BSTDB) and Azer-Turk Bank (ATB). Azer-Turk Bank will on-lend the funds to eligible small enterprises, enhancing their capacity to invest, expand operations, and contribute to regional economic development.
The new partnership marks BSTDB’s latest effort 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.
Following the signing of the agreement in Baku, Dr. Serhat Köksal, President of BSTDB, stated: ‘The launch of this new collaboration with Azer-Turk Bank underscores the importance of supporting the nonoil sector—a vital component in diversifying Azerbaijan’s economy. For too long, the country’s growth has leaned mainly on hydrocarbon revenues. Strengthening alternative industries creates more inclusive job opportunities, encourages innovation, and helps shield the economy from volatile global oil markets. The BSTDB’s engagement is not just about financing—it’s about empowering diversification of the economy.”
Commenting on the deal, Mr, Orkhan Huseynov, Chairman of the Management Board of Azer-Turk- Bank, said: “The new agreement reflects BSTDB’s continued commitment to supporting private sector development across the Black Sea region through targeted partnerships with national financial institutions. Signing of loan agreement with BSTDB will open up new perspectives for cooperation and enable Azer-Turk Bank to contribute even more actively to the development of the national economy and its diversification.”
Founded in 1995, Azer-Turk Bank is a state-supported bank headquartered in Baku. The bank offers a full range of corporate and retail banking services in Azerbaijan and abroad. In recent years, the Azer-Turk Bank has demonstrated sustainable growth and strengthened its position in the banking sector of Azerbaijan. The Bank’s extensive work in developing international relations has expanded opportunities for servicing clients’ foreign economic activities and enhanced its integration into the international financial community.
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. For information on BSTDB, visit www.bstdb.org.
Contact: Haroula Christodoulou
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