European Bank for Reconstruction and Development and Bank ABB: Agreement on $50 Million trade finance limit signed!
14.11.2024 15:36
On
November 14, 2024, recognized as 'Finance, Investment, and Trade Day' at COP29,
Bank ABB (The International Bank of Azerbaijan) has signed an Issuing Bank
Agreement with the European Bank for Reconstruction and Development (EBRD) which
has approved a trade finance limit of up to $50 million for Bank ABB under its
Trade Facilitation Programme.
The $50 million limit is aimed to expand Bank ABB’s trade finance capabilities and marks EBRD’s commitment to support Azerbaijan’s banking sector.
This
agreement with EBRD will strengthen Bank ABB’s capacity to finance the real
economy, support international operations and expand access to financial
instruments for import-export businesses. It is also anticipated to boost
global trade opportunities, particularly for small and medium-sized enterprises
(SMEs).
Bank
ABB’s Chairman of the Management Board, Abbas Ibrahimov, stated that this
agreement makes a significant contribution to sustainable business development
in Azerbaijan, continuous participation of local entrepreneurs in international
trade, consequently impacting the population’s well-being: "As ABB, we will make the best efforts to utilize these financial
resources to mainly support projects focused on the green economy, maintaining our
responsibility and dedication for the safer and cleaner environment. Under
EBRD’s limit, priority will be given to green trade projects aimed to reduce
carbon emissions".
Odile
Renaud-Basso, the President of the EBRD said: "We are confident that this trade finance line will add
significant value to Azerbaijan's financial sector and its clients while
supporting Azerbaijan's foreign trade.
For additional information on Bank ABB’s latest products and services, visit any Bank ABB branch, the official website https://abb-bank.az/, contact the Information Center at 937, or follow Bank ABB on Facebook.
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