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ADB Expands Trade Finance Program in Azerbaijan

Five banks in Azerbaijan signed on May 12 trade finance agreements with the Asian Development Bank (ADB), a move that will help local companies conduct more international trade and become more closely integrated into regional and global business networks, ADB said.

The ADB offers loans and guarantees through and in conjunction with international banks and ADB's developing member country banks to support international trade transactions.

"The trade finance agreements will bolster important links between Azerbaijani firms and their business partners in Central Asia and beyond. These will complement efforts by the Central Asia Regional Economic Cooperation (CAREC) program to boost regional economic growth through better transport, energy and trade ties," said Ronald Antonio Q. Butiong, head of the CAREC Unit of ADB's Central and West Asia Department.

The CAREC program is a partnership of eight countries - Afghanistan, Azerbaijan, China, Kazakhstan, Kyrgyzstan, Mongolia, Tajikistan and Uzbekistan - and six multilateral institutions: ADB, the European Bank for Reconstruction and Development, the International Monetary Fund, the Islamic Development Bank, the United Nations Development Program, and the World Bank.

Source: Xinhua

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