Azerbaijani Local Banks Expected To Benefit From ABA's Credit Line Agreements (UPDATED)

2024-03-07 10:08:20

(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 7. Agreements on opening credit lines to Azerbaijani banks will be signed this year, President of the Azerbaijan Banks Association (ABA) Zakir Nuriyev said during a conference on "Economic reforms and modern challenges for improving the business environment" in Baku, Trend reports.

He reminded that during 2023, international financial institutions signed a number of agreements on the opening of large-scale credit lines to Azerbaijani banks.

"In the coming months, we'll witness the continuous signing of these contracts. As ABA, together with the Central Bank and the Ministry of Economy, we have launched a project to finance socio-economic development. The goal of the project is to form a systematic approach to expansion of financing of the real system,” he emphasized.

Established in 1990 by commercial banks, the ABA serves as a representative body for its member organizations. Its primary objectives include addressing the diverse business service needs of members and facilitating coordination among them. ABA currently boasts a membership of 23 banks and 6 non-banking organizations.

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