IFC helps Azerbaijan’s Bank Respublika manage currency risk and expand access to finance

IFC helps Azerbaijan’s Bank Respublika manage currency risk and expand access to finance

Baku, Azerbaijan, Oct. 2

Trend:

IFC, a member of the World Bank Group, has signed an agreement with Azerbaijan’s Bank Respublika to enable it to better manage its currency risk, helping ease access to local currency finance for local businesses and smaller firms, in particular.

Under the terms of the agreement, IFC and Bank Respublika will execute cross-currency swap transactions under an International Swaps and Derivatives Association (ISDA) Master Agreement, a standard document used to govern over-the-counter derivative transactions. That will allow the bank to hedge its USD-denominated funding and better manage its assets and liabilities.

“As one of the leaders in the Azerbaijani financial market in micro, small and medium enterprises (MSMEs), Bank Respublika continues to support its customers, encouraging them to contribute to Azerbaijan’s economic growth,” said Tariyel Ismayilov, CEO of Bank Respublika. “This agreement with IFC will enable us to expand affordable local currency financing to our customers.”

Through engaging in cross-currency swap transactions, the bank will improve access to long-term finance for its clients, helping local businesses grow and create jobs.

“We aim to continue helping Azerbaijan unlock the power of its private sector, and this agreement with our long-standing partner Bank Respublika is part of that strategy,” said Hans Peter Lankes, IFC’s Vice President of Economics and Private Sector Development. “It is also aligned with Azerbaijan’s efforts to diversify its economy by helping to enable the growth of businesses in the non-oil sector.”

Azerbaijan became a member of IFC in 1995. Since then, IFC has invested around $473 million, including $73 million in mobilization, financing 56 projects across a range of sectors, including financial services, infrastructure, and manufacturing. In addition, IFC has supported around $100 million in trade through its trade finance program and provided $250 million for the Baku-Tbilisi-Ceyhan pipeline. IFC has also implemented a range of advisory projects aimed at encouraging private sector growth.

IFC—a sister organization of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. We work with more than 2,000 businesses worldwide, using our capital, expertise, and influence to create markets and opportunities where they are needed most.

In fiscal year 2019, we delivered more than $19 billion in long-term financing for developing countries, leveraging the power of the private sector to end extreme poverty and boost shared prosperity. For more information, visit www.ifc.org.

Azerbaijan's Entrepreneurship Dev't Fund opens tender for consulting services
Azerbaijan's Entrepreneurship Dev't Fund opens tender for consulting services
Azerbaijani Ministry launches tender for maintenance of heating, water supply systems
Azerbaijani Ministry launches tender for maintenance of heating, water supply systems
Azerbaijani SOFAZ announces tender for consulting services
Azerbaijani SOFAZ announces tender for consulting services
Loading Bars
Latest
Apple says new privacy notifications to roll out in 'early spring'
Iran seeks to eliminate USD in trade with Eurasian Economic Union
New carpet factory to open in Azerbaijan
NASA's Perseverance rover to land on Mars next month
Iran ready to help Kenya on knowledge-based companies
Georgian border police receives troop carriers, fuel trucks, off-road vehicles from US
Kyrgyz citizens legally working in Turkey to be able to receive pensions and benefits there
1,413 new COVID-19 cases recorded in Kazakhstan in 24 hrs
Saudi flagship investment forum calls for excellent credit solutions to global debt problems
Italy decreases import of petroleum oils from Kazakhstan amid COVID-19
EU demands AstraZeneca plan to break vaccine deadlock
Tesla profit, foggy outlook on 2021 deliveries disappoint Wall Street
Inflation converges to targeted value at end of 2020 in Georgia
Chile approves emergency use of Oxford-AstraZeneca COVID-19 vaccine
UK PM Johnson heads to Scotland amid fears of break up of UK
Europe lifts safety ban on Boeing 737 MAX jet
Mexico's richest man Carlos Slim hospitalized with COVID-19
Biden administration temporarily holds some U.S. weapons exports
Kazakhstan boosts exports to Uzbekistan despite COVID-19
Footage of cemetery destroyed by the Armenians in Azerbaijani village of Saray, Gubadly region (PHOTO)
President Aliyev congratulates re-elected President of Portugal
Turkey registers more than 7 400 new coronavirus cases
Russian bank in talks with Iran to boost currency exchanges
Dressing rooms to work, exchange of goods to be allowed in shopping malls starting February 1
EBRD to oversee more SMEs support programs in Kazakhstan in 2021
Trade, economic and investment cooperation between Kazakhstan and Ecuador expanding
German gov't lowers economic forecast for 2021 to 3 pct
Azerbaijan-Turkmenistan MoU boosts relevancy of Trans-Caspian gas pipeline
Armenia’s Metsamor nuclear plant poses potential threat to region – ombudsman
Azerbaijan eliminating damage caused by Armenia in Fuzuli, Aghdam – Trend TV
Azerbaijani State Oil Company to enter new stage of development - minister
Meeting of trilateral group on Nagorno-Karabakh region may be held soon - Russian MFA
Azerbaijan restoring houses destroyed as a result of Armenia’s aggression in Ganja (PHOTO)
Liberating Azerbaijani territories formed new regional reality - Turkish Security Council
Azerbaijan releases footage of Fuzuli district's Khalafsha village (PHOTOVIDEO)
Azerbaijan electricity provider opens tender to attract various services
Depreciation of Georgian REER associates with domestic export goods gaining competitiveness
Kazakhstan's entrepreneurship dev't fund to unite efforts with WB in SMEs support
Work on increasing level of drinking water supply to Uzbek regions continues
Coty to consolidate fragrance manufacturing operations, close Cologne factory
US companies ready to take part in restoration of Azerbaijan's liberated lands (PHOTO)
Кazakh Electricity Grid Operating Company to opens tenders buy spares for vehicles
Turkish low-cost airline eyes to link countries of religious tourism with Uzbekistan
Eurasian Development Bank setting up top priorities for this year’s strategic period
Georgia sees recovery in remittance inflows
National Bank of Georgia sells funds at foreign exchange auction to stabilize lari
EBRD continues supporting SMEs dev't in Kazakhstan
Kazakhstan reports increase in trade with Denmark
Azerbaijani Foreign Ministry grateful to Turkish side
Iran’s Bahar Azadi gold coin rebounds in price
Azerbaijani government's digitalization to favor creation of various projects
Volume of cargo loaded, unloaded in Iran’s Khorramshahr port announced
Iran to launch new projects in tourism, power industry, agriculture fields
Trilateral statement on Karabakh being implemented consistently - Putin
Georgia sees slight increase in export of precious metals - ISET-PI
Contribution to GDP structure of Turkmenistan’s industrial sector revealed
SOCAR Turkey, Middle East Technical University to carry out chemical recycling of plastic waste
Housing prices in Baku decrease
Georgia presents great investment opportunities - Spanish Foreign Ministry
Azerbaijani FM, OSCE MG co-chair from France exchange views on situation in region
JPMorgan to launch UK consumer bank within months
Iranian banks issue big loans to agricultural sector
Azerbaijan liberated its lands from occupation and new opportunities opened up - assistant to president
State Property Service of Azerbaijan to auction small enterprises
Azerbaijan confirms 601 more COVID-19 recoveries
Azerbaijan benefited from cooperation with Turkey in Patriotic War - President's assistant
Houses destroyed by Armenia in Azerbaijan's Tartar being restored - Trend TV reports
Turkmenistan’s Turkmennebit SC names amount of work performed at trust
Iran, Kazakhstan should form join bank to boost trade, transactions - ambassador
Russia remains main exporter of Uzbek textile production
Relationship between Azerbaijan and Turkey - eternal - Azerbaijani president's aide
Uzbekistan’s Statistics Committee, IMF discuss national strategy for statistics dev’t
Demand for Azerbaijani CBA's short-term notes exceeds supply fourfold
Boeing 737 MAX safe to return to service in Europe
Spending on gas exploration declined in 2020
UK voices interest in restoring electric energy sector in Azerbaijan's liberated areas
Armenians built several villas for themselves in Shusha. One of villas belongs to leader of junta, another - to wealthy, corrupt official - President Aliyev
Shuakhevi HPP to play important role in decreasing Georgia’s dependence on imported electricity
Iran would return to JCPOA commitments if others comply - Iranian President
Significant volume of bank loans in Georgia secured with real estate
Georgian JSA Technologies plans to export the product to EU, US and China
Total assets of Azerbaijani banks for 2020 revealed
Azerbaijani banks' reduced total liabilities in 2020
All of us, all people will revive Shusha - President of Azerbaijan
Shusha was our goal and Shusha became our victory - President of Azerbaijan
I said that our victory would be incomplete without Shusha, at that time, during war, I could not say more - President Aliyev
Uzbek-Korean JV to buy spare parts for steam boilers via tender
President Aliyev gives instructions in relation to restoration of Shusha city
FMs of Azerbaijan, Turkey hold phone conversation
We don't need fake history - President of Azerbaijan
They say that Shusha was allegedly handed over just like that, without a fight, that Armenians left Shusha of their own free will. This is a blatant lie - President Aliyev
Russia lifts restrictions on import of Kazakh tomatoes - Kazakhstan's Agriculture Ministry
At that time, minister of defense of Azerbaijan was offshoot of PFPA-Musavat tandem, one of their henchmen. He was first to sell Shusha - President Aliyev
During Shusha operation, hundreds of invaders were killed - President Aliyev
Turkmenistan launches initiative to ensure stable international transport services
Russia’s Tatneft in Turkmenistan opens tender for maintenance
Turkmenistan, Belarus sign co-op program between foreign ministries
Iran reveals COVID-19 data for January 27
If Armenians considered Shusha their own, then why didn’t they create anything there in 28 years? - President of Azerbaijan
Iran’s CBI reveals amount of loans issued by Iranian banks
All news