BAKU, Azerbaijan, August 25. The European Bank for Reconstruction and Development (EBRD) is currently exploring potential collaborations with several Azerbaijani banks for the year 2023 and beyond, Nataly Mouravidze, Head of EBRD operations in Azerbaijan, told Trend.
"One of our key objectives in Azerbaijan is to strengthen local financial institutions, so that they can in turn ensure that the private sector can readily access the necessary finance for its growth. We are actively driving the growth of financial markets as well," she said.
Moreover, according to Mouravidze, the bank is also looking to expand the involvement in trade finance and lending to micro, small, and medium-sized enterprises (MSMEs).
"Our focus for the upcoming years will be on bolstering competitiveness, promoting green finance initiatives, supporting women in business, and boosting youth employment. There is still plenty of work ahead to help SMEs truly thrive in Azerbaijan," the head of EBRD operations noted.
Earlier this year, the EBRD delegation has met with the leadership of the Central Bank of Azerbaijan to discuss the implementation of the strategy for the financial sector of Azerbaijan for 2023-2027.
Meanwhile, the loan portfolio of the European Bank for Reconstruction and Development (EBRD) projects in Azerbaijan has totaled 787 million euros as of July 31, 2023. According to the bank, investments in financial institutions have accounted for 3 percent, or 28 million euros.