Azerbaijan’s Amrahbank starts co-op with Saudi Arabia

Finance Materials 11 February 2020 18:45 (UTC +04:00)
Azerbaijan’s Amrahbank starts co-op with Saudi Arabia

BAKU, Azerbaijan, Feb. 11

By Eldar Janashvili - Trend:

Azerbaijan’s Amrahbank OJSC and Saudi Fund for Development, a Saudi Arabian government agency, reached a cooperation agreement, Trend reports referring to the bank.

Within the framework of the agreement, the bank’s customers will participate in financing the export of various products and services of the real sector from Saudi Arabia to Azerbaijan, which will lead to the development of trade relations between the countries.

The agreement will allow the bank to better serve the needs of customers in credit and trade financing.

The meeting at the head office of Amrahbank was attended by Acting Director of Export Finance Department of the Saudi Fund for Development Ali Algarni, Head of Settlement and Monitoring Department Mohammed Altombkti, Marketing Specialist Navaf Alojrushun, as well as heads of Amrahbank divisions and Azerbaijani businessmen, including representatives of the Azerbaijan’s Young Entrepreneurs Network Public Union, and the Small and Medium Business Development Agency.

At the meeting, an agreement was reached on official cooperation between the bank and the fund.

Currently, Amrahbank cooperates with such international financial institutions as Kuwait Finance House Group, Islamic Trade Finance Corporation, Islamic Corporation for the Development of the Private Sector, OPEC Fund for International Development, and Gulf Finance House.

The Saudi Fund for Development was established in 1974. It carries out various activities in the field of finance, trade, development and financing of projects in developing countries. Since its inception, the fund has financed 750 projects in 71 countries.


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