Azerbaijan’s Amrahbank and Saudi Fund for Development sign agreement

Finance Materials 10 March 2020 14:38 (UTC +04:00)
Azerbaijan’s Amrahbank  and Saudi Fund for Development sign agreement

BAKU, Azerbaijan, Mar. 10

By Eldar Janashvili - Trend:

Azerbaijan’s Amrahbank OJSC and Saudi Fund for Development, a Saudi Arabian government agency, signed the first agreement on allocating financing line worth $4 million to the bank, Trend reports referring to Amrahbank OJSC on March 10.

The parties have also reached an agreement on starting negotiations for allocating the next tranche.

These allocations by the fund will be used to finance products and services provided by Saudi Arabia, as well as to fully meet the needs of the bank's customers in credit and commercial financing

On February 10, 2020, Amrahbank OJSC and Saudi Fund for Development reached an agreement on cooperation for financing the export of various products and services of the real sector from Saudi Arabia to Azerbaijan, which will lead to futher development of trade relations between the countries.

The meeting at the head office of Amrahbank was attended by 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 by 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.

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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