BAKU, Azerbaijan, November 14. On November 14, 2024, recognized as 'Finance, Investment, and Trade Day' at COP29, Bank ABB (The International Bank of Azerbaijan) has signed an Issuing Bank Agreement with the European Bank for Reconstruction and Development (EBRD) which has approved a trade finance limit of up to $50 million for Bank ABB under its Trade Facilitation Programme.
The agreement was signed by Bank ABB’s Chairman of the Management Board Abbas Ibrahimov and EBRD President Ms. Odile Renaud-Basso at the UN Climate Change Conference (COP29) in Baku, Azerbaijan.
The $50 million limit is aimed to expand Bank ABB’s trade finance capabilities and marks EBRD’s commitment to support Azerbaijan’s banking sector.
This agreement with EBRD will strengthen Bank ABB’s capacity to finance the real economy, support international operations and expand access to financial instruments for import-export businesses. It is also anticipated to boost global trade opportunities, particularly for small and medium-sized enterprises (SMEs).
Bank ABB’s Chairman of the Management Board, Abbas Ibrahimov, stated that this agreement makes a significant contribution to sustainable business development in Azerbaijan, continuous participation of local entrepreneurs in international trade, consequently impacting the population’s well-being: "As ABB, we will make the best efforts to utilize these financial resources to mainly support projects focused on the green economy, maintaining our responsibility and dedication for the safer and cleaner environment. Under EBRD’s limit, priority will be given to green trade projects aimed to reduce carbon emissions".
Odile Renaud-Basso, the President of the EBRD said: "We are confident that this trade finance line will add significant value to Azerbaijan's financial sector and its clients while supporting Azerbaijan's foreign trade.
Concurrently, the EBRD will advise the Bank ABB on identifying and structuring green transactions".
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