Azerbaijan opens credit line for trade operations with Saudi Arabia (PHOTO)
BAKU, Azerbaijan, March 17
The Saudi Fund for Development has opened a new credit line to support local entrepreneurs, including small and medium-sized businesses (SMEs), carrying out trade operations with Saudi Arabia, upon the initiative and through the support of the Azerbaijani Small and Medium-sized Enterprises Development Agency, the Agency told Trend on March 17.
For this purpose, an agreement was signed between the Saudi Export Program of the Saudi Fund for Development and Kapital Bank OJSC on March 17.
The document was signed by Director General of the Program Abdulmohsen bin Abdulrahman Al Khayal and Chairman of the Board of Kapital Bank OJSC Rovshan Allahverdiyev.
During the meeting, Chairman of the Board of the Agency Orkhan Mammadov stressed the great potential of trade, economic and business cooperation between Azerbaijan and Saudi Arabia, especially in the field of small and medium-sized businesses.
Mammadov emphasized that the new program initiated and supported by the Agency will be of great importance for local small and medium-sized enterprises doing trade with Saudi Arabia.
Extraordinary and Plenipotentiary Ambassador of Saudi Arabia to Azerbaijan Hamad bin Abdullah bin Saud bin Khudair stressed the need to develop cooperation between the two countries in all spheres, adding that the new cooperation program will be useful for expanding trade and ties in the SME sector.
Chairman of the Board of Kapital Bank Rovshan Allahverdiyev said that the bank supports the development of small and medium-sized businesses and offers various tariff packages and that the new program will contribute to the business development.
Abdulmohsen bin Abdulrahman Al Khayal stressed that the new financial line opened within the program will support Azerbaijani entrepreneurs, in particular SMEs importing goods and services of Saudi Arabian origin, during the trade operations.