ITFC Ready To Support Smes In Azerbaijan's Liberated Territories

(MENAFN- Trend News Agency) BAKU, Azerbaijan, June 16. The International Islamic Trade Finance Corporation (ITFC), which is a part of the Islamic Development Bank Group, stands ready to provide its trade financing support to small and medium-sized enterprises in Azerbaijan, particularly in the country's liberated territories, IsDB said in its report on Azerbaijan.

“ITFC continues to play an important role in supporting Azerbaijan's trade and private sector development. The ITFC's support to Azerbaijan covers financial institutions and corporations,” said the IsDB, adding that several Azerbaijani financial institutions utilize ITFC's Murabaha financing and lines of financing.

The report reveals that the ITFC's total approvals in the country amount to US$93.4 million.

“Out of the ITFC-financed 15 projects, 13 have been completed and two are still under implementation, with a value of US$40 million. Building on its long-standing cooperation with Azerbaijan, the ITFC stands ready to provide its trade financing support to small and medium-sized enterprises, particularly in the country's liberated territories. The Corporation is also prepared to consider financing under a sovereign structure, with a tenor of up to three years, either directly with the relevant Ministry as beneficiary or through other entities, with a government guarantee. This financing could be implemented in close coordination with the Small and Medium Business Development Agency, to stimulate entrepreneurship and local economic activity,” says the IsDB.

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