BAKU, Azerbaijan, Feb. 13
By Nazrin Israfilova - Trend:
Such information has been spread during the outgoing week that the World Bank (WB) is about to launch the process of preparation of the new partnership strategy for Azerbaijan.
“WB is in the unique position of having the new Azerbaijan 2030 vision to guide the strategy,” World Bank Country Manager for Azerbaijan Sarah Michael said. “WB will take the forthcoming government strategy, new national socio-economic development strategy that will soon be released and build new strategy on those five national priorities.”
ADB plans to commit $150 million to Azerbaijan in 2022. ADB approved a $250 million loan to the government of Azerbaijan in July 2021 to help implement its comprehensive plan to mitigate the adverse health, social and economic impacts of COVID-19 pandemic.
Besides the loan, ADB also provided $250,000 in technical assistance to support ongoing public financial management reforms.
ADB focuses on supporting structural reforms, strengthening institutions and financing the innovative projects. The bank also helps Azerbaijan achieve the Sustainable Development Goals. ADB plans to strengthen human capital in 2022-2023 through technical vocational education development intervention which will improve and build modern vocational schools and promote policy reforms in Azerbaijan.
The priorities also include reconstruction of the regional irrigation network, boost agricultural activity and ensure food security.
IBA-MOSCOW Bank (a subsidiary of the International Bank of Azerbaijan in Moscow) specifies the expansion of participation in the development of trade relations between Azerbaijan and Russia as a key aspect.
The main goal of the bank is to provide high-quality service to its customers and develop technological and marginal products.
The bank is moving towards the technology and digitalization development, attracting highly qualified specialists, as well as establishing new strategic partnership with organizations aimed at enhancing trade and export relations between Russia and Azerbaijan.
The provision of standard financial services is no longer a competitive advantage.
IBA-MOSCOW Bank in its activity relies on the deep knowledge of the regulatory and legislative framework of Azerbaijan and Russia and the national characteristics of the peoples of the two countries.
The bank has good project experience in implementing the modern technological solutions, so after analyzing customer requests, the competitive products that not only help businesses remain active amid restrictions but also provide additional opportunities for development have been developed. The Azeri-Russian Desk platform and the Granat translation service testify to this.
During the visit to Baku the representatives of IBA-MOSCOW Bank held the meetings with representatives of Azerbaijan's financial institutions.
The purpose of the trip was to solve the business tasks with partners of the IBA-MOSCOW Bank, as well as discuss the issues of cooperation on products to support the foreign trade operations between Azerbaijan and Russia.
The strategic goals of Azerbaijan’s PASHA Bank at the present stage cover a three-year period.
Currently, the strategic goals covering the period from 2021 through 2023 are being implemented. In the previous strategic period, PASHA Bank focused on digitalization, that is, bank built a digital platform.
The development of the digital platform will continue in 2022 and 2023. As for modern technologies, the bank is starting to use data models to automate the data-driven decision-making process.
The bank plans to expand the loan service through a digital platform in 2022. These loans are issued by the bank in the amount of 250,000 manat ($147,058) for small and medium-sized businesses automatically.
The "Mobile Notary" integration system implemented by Pasha Bank and the Azerbaijani Ministry of Justice is very good experience, an example of interaction between the state structure and the private sector.
This system opens up new opportunities and the next integration will be carried out much faster, because the entire infrastructure has been established and there is a very solid foundation. In fact, the "Mobile Notary" system is paid, but for the bank's customers it is free now.