HBOR interested in expanding activity in Azerbaijan

Business Materials 25 October 2016 20:57 (UTC +04:00)

Baku, Azerbaijan, Oct. 25

By Anvar Mammadov – Trend:

Croatian Bank for Reconstruction and Development (HBOR) is interested in export of Croatian products to Azerbaijan, as well as other countries in the region, Ante Alic, head of HBOR export credit insurance department, told Trend Oct. 25.

"HBOR is an export bank of Croatia, so we can finance the Croatian exporters, who will be engaged in the export to Azerbaijan, as well as protect our entrepreneurs against possible risks of non-payment by the Azerbaijani companies,” he said.

“Moreover, we are interested in the supply of Croatian goods to other countries of the region through Azerbaijan," Alic added.

He said that the bank has some experience in Azerbaijan and HBOR is interested in expanding activity in the country.

"We already have some working experience with pharmaceutical companies in Azerbaijan,” he said. “In particular, we provide guarantees to a number of Croatian companies exporting pharmaceutical products to Azerbaijan.”

“Along with pharmaceutics, we are also interested in establishing cooperation in other areas, for example, in shipbuilding, construction, transport and others," Alic said.

He said that the bank can also issue loans to Azerbaijani companies willing to buy goods and services from the Croatian companies.

"Moreover, we can also issue loans to Azerbaijani companies to export products to other European countries,” he said. “But, first and foremost, as our national interests are important for us, the initial condition is Croatia’s 40 percent share in the products and services.”

HBOR was established in 1992. Its main role is to support the reconstruction and development of the Croatian economy. The bank's capital is around 9.8 billion Croatian kuna (around $1.42 billion). The bank is wholly owned by the state.

According to the Azerbaijani State Customs Committee, the trade turnover between Azerbaijan and Croatia amounted to $191.98 million in January-September 2016, which is 72.7 percent more compared to the same period of 2015.

Azerbaijan increased import of Croatian products compared to January-September 2015.

Azerbaijan imported Croatian products worth 50.67 million manat (an increase of 42.88 times) in January-September 2016.


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