Details added (first version posted on 15:06)
Baku, Azerbaijan, Feb. 29
Asian Development Bank (ADB) has signed a technical assistance agreement with FINCA Azerbaijan as part of its private sector operations, FINCA Azerbaijan said Feb. 29.
ADB will provide technical assistance worth $400,000 to support FINCA Azerbaijan towards further institutional development and capacity building, according to the agreement.
"The signing of this technical assistance agreement between the Asian Development Bank and FINCA Azerbaijan is an important milestone in our relationship," said Timothy Tarrant, CEO of FINCA Azerbaijan.
This support will help FINCA Azerbaijan to continue to support agricultural and rural entrepreneurship in the regions of Azerbaijan outside of Baku and Absheron, where 80% of its clients and operations are located, according to Tarrant.