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E-invoicing, SCF & E-procurement

ECO Bank announces trade finance investments in Azerbaijan

Monday 4 February 2019 | 10:05 AM CET

Turkey-based ECO Trade and Development Bank has announced extending USD 6.83 mln worth funds to Azerbaijan for trade finance.

In cooperation with Azerbaijan’s financial sector, ETDB said it was able to extend its financing programs in favour of development of SMEs and trade finance. The new country partnership strategy document 2019-2020 for Azerbaijan is under preparation and the operations of the Bank in Azerbaijan are expected to grow over the coming years, according to bank officials.

Recently, the Board of Directors decided to extent further support to the new members of the ETDB and provided the opportunity for them to avail maximum financing up to three times of their percentage share in the paid-in capital of the bank. Specifically, in close collaboration with the partners in financial sector, fostering trade finance and support development of SMEs would continue to be the main focus of operations, bank representatives have stated.

The ECO Trade and Development Bank is a regional multilateral development bank established under the auspices of the Economic Cooperation Organization (ECO) to promote socio-economic development and intra-regional trade amongst its member states. The ETDB was established in 2005 with its headquarters located in Istanbul, Turkey. The bank started its operations in 2008.

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