Finance

Home page

Finance

Bankworld Inc. signs Memorandums of Understanding with five banks in Azerbaijan

19 September 2008 10:55 (UTC +04:00)

Baku. Elnur Huseynguluyev â€“ APA-Economics. The United States Agency for International Development (USAID) announced its Financial Sector Stability Program (FSSP), as implemented by Bankworld Inc., would provide technical advisory and training services to local Azerbaijan commercial banks.
As part of FSSP, Bankworld Inc. signed a Memorandums of Understanding (MOU) with 5 commercial banks, namely AzerdÉ™miryolbank, Royal Bank of Baku, Mughan Bank, Atra Bank and NBC Bank.
The documents were signed by Mr. Bharat Bhargava, Chairman and CEO of Bankworld Inc. and Chairmen of Management Boards of Azeri Banks.
USAID Country Coordinator for Azerbaijan Scott Taylor said technical advisory and training services under memorandums will help the development of local banks and increase their competitiveness in small and medium-sized business activities.
Zaur Farzaliyev, Chairman of Management Board of Royal Bank of Baku, expressed his gratitude for assistance.
â€œI hope this assistance will give impetus to our bankâ€™s cooperation in the SME sector, credit administration, risk management, Bank domestic deposit gathering, product development, and operational opportunities. On this foundation, we intend to further expand cooperation with USAID,â€ he added.
Roman Amirjanov, Chairman of Management Board of Azerdemiryolbank, also highly appreciated USAIDâ€™s assistance.
He added these globally tested practices will address credit officer training in assessing services and methodologies appropriate to the SME sector.
Bankworld Inc. will provide advisory and training services that incorporate international SME best practices in the delivery of financial intermediation services. These globally tested practices will address, credit officer training in assessing services and methodologies appropriate to the SME sector, effective portfolio quality, credit administration, and risk management practices, bank domestic deposit gathering, product development, and operational opportunities and management Information Systems (MIS) utilization in constructing effective financial reporting and analysis tools.
$1 million will be allocated to provide advisory and training services to five banks as part of the USAID-funded Financial Sector Stability Program.