BAKU, Azerbaijan, June 18. A memorandum was signed between the Association of Banks of Azerbaijan (ABA) and the Union of Participating Banks of Türkiye this week, Trend reports.
The document is aimed at organizing joint events, as well as the development of the financial sector.
Moreover, ABA and the International Finance Corporation (IFC) signed a cooperation agreement. The document covers cooperation in the field of environmental, social and corporate governance, and is also designed to ensure financial stability in Azerbaijan.
Meanwhile, the Central Bank of Azerbaijan (CBA) is committed to the formation of the Computer Emergency Response Team (CERT) industry in the financial sector.
The CBA also discussed cooperation in the field of digital financial technologies and security with the Association of Banks of Turkic-speaking States.
Moreover, the future directions of cooperation between the Central Bank of Azerbaijan (CBA) and the Black Sea Trade and Development Bank (BSTDB) were discussed.
This week, the European Bank for Reconstruction and Development unveiled a portfolio of projects.
Thus, the EBRD's loan portfolio of projects in Azerbaijan was estimated at 813 million euros as of May 31, 2023. The loan portfolio is designed for the implementation of 34 projects.
Most of the portfolio (88 percent or 714 million euros) is aimed at investments in sustainable infrastructure, 9 percent (70 million euros) - investments in industry, trade and the agricultural sector, while 3 percent (29 million euros) - investments in financial institutions.