We are accessing micro and small businesses through commercial banks in Azerbaijan, said Sanan Shabanov, Chief Investment Officer of the Asian Development Bank (ADB) Azerbaijan Office, during a panel discussion at the Azerbaijan International Investment Forum, APA-Econimics reports.
“In 2023, we approved a loan in local currency with one of the major banks, and these funds were directed to micro-businesses, including those led by women entrepreneurs. In addition, we are working with TuranBank and Rabitabank to support SMEs, especially in the area of cross-border operations of SMEs. Both banks have been awarded by ADB as innovative and successful banks conducting SME trade operations.”
He noted that ADB has also positioned itself as a strategic investor in Azerbaijan:
“We are not only looking at the financing side, but also working with local authorities to create a business environment. We are working together to create a public-private partnership environment, develop local legislation, and develop new financial instruments. In short, ADB is a strategic investor in Azerbaijan. We work with the Azerbaijani government and local institutions, support their efforts to create a business-friendly environment, and use all opportunities to benefit local businesses and SMEs. This is not limited to financial products. We have also provided technical assistance to build the capacity of local authorities and SMEs. For example, I can mention the Women’s Access to Business project. This project was implemented with AccessBank, and as a result, about 30 small women’s entrepreneurial activities benefited.”
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