BSTDB and TuranBank Partner to Boost Small Businesses in Azerbaijan
Promoting Sustainable Growth and Trade in the Country
To facilitate development and growth in Azerbaijan, the Black Sea Trade and Development Bank (BSTDB) has extended the Azeri Manat equivalent of a USD 6 million loan to TuranBank. The funds will be channeled to domestic small and medium-sized enterprises (SMEs) to meet their investment programmes and working capital needs, as well as enhance their trade activity.
In addition, the funding will also expand access to local-currency financing for private companies, further reducing their reliance on foreign currency borrowings and protecting business owners from direct exposure to exchange rate risks.
“BSTDB is pleased to continue its partnership with TuranBank to empower SMEs in the country, giving them access to resources they need to grow, innovate and drive inclusive economic progress. This will help unlock employment opportunities and foster sustainable development both within the country and across the region. We are confident that our joint efforts will continue to deliver meaningful results in the future.”, said Dr. Serhat Köksal, BSTDB President.
"The funds raised in local currency will be allocated to financing the real sector, particularly micro, small, and medium-sized enterprises, which are the primary focus of the bank's strategic objectives. This will also help support entrepreneurs operating in the regions. This agreement further underscores international financial institutions' confidence in the long-term stability and sustainable development of our bank as a reliable partner," said Orkhan Garayev, Chairman of the Management of TuranBank OJSC.
BSTDB has been cooperating with TuranBank since 2011, having provided revolving trade finance and SME finance facilities that have benefited dozens of beneficiaries.
Established in 1992 and headquartered in Baku,TuranBank OJSCis a mid-sized bank expanding to 22 sales points across the country. The bank is one of the key participants in the country’s financial sector, distinguished by its stability and reliability. For detailed information about the products and services offered by TuranBank, visithttps://www.turanbank.az/en/pages/1, or follow its social media pages.
TheBlack Sea Trade and Development Bank (BSTDB)is an international financial institution established by Albania, Armenia, Azerbaijan, Bulgaria, Georgia, Greece, Moldova, Romania, Russia, Türkiye, and Ukraine. The BSTDB headquarters are in Thessaloniki, Greece. BSTDB supports economic development and regional cooperation by providing loans, credit lines, equity and guarantees for projects and trade financing in the public and private sectors in its member countries. The authorized capital of the Bank is EUR 3.45 billion. For information on BSTDB, visitwww.bstdb.org.
Contact:Haroula ChristodoulouE-mail:cchristodoulou@bstdb.orgPhone: +30 2310 290533Twitter: @BSTDB; @Haroulax
