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Weekly review of Azerbaijan's financial market

Finance Materials 30 April 2023 12:10 (UTC +04:00)
Weekly review of Azerbaijan's financial market
Kamran Gasimov
Kamran Gasimov
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BAKU, Azerbaijan, April 30. Azerbaijan Banks Association and Hungarian Banking Association signed a Memorandum of Cooperation this week, Trend reports.

The memorandum provides for the promotion of cooperation between the parties, the organization of events, including joint educational programs, the exchange of information between member banks of both organizations, the development of correspondent relations and the implementation of other activities related to the banking and financial sector.

At the same time, the issues of cooperation include the fight against fraud in the field of digital payments, cooperation in the field of cyber security in banks, the exchange of experience in optimizing tariffs for various services, the study of international experience in matters related to the implementation of relevant government programs.

Also, the Asian Development Bank (ADB) published its annual report this week. According to the report, the ADB allocated $117.3 million to finance projects in Azerbaijan in 2022.

In addition, ADB attracted an additional $92.9 million in the form of co-financing.

Furthermore, this week, the European Bank for Reconstruction and Development (EBRD) unveiled a portfolio of projects.

The loan portfolio of the EBRD (European Bank for Reconstruction and Development) projects in Azerbaijan was estimated at 844 million euros as of March 31, 2023. The loan portfolio is for the implementation of 35 projects.

The major part of the investment portfolio (87 percent or 730 million euro) focuses on sustainable infrastructure, 10 percent (85 million euro) – on industry, trade and agriculture, and 3 percent (29 million euro) – on financial institutions, the EBRD said.

In total, the bank has invested over 3.53 billion euros in 188 projects in Azerbaijan.

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