Azerbaijan, Saudi Arabia open credit line for trade operations
By Ayya Lmahamad
The Saudi Fund for Development has opened a new credit line to support Azerbaijani entrepreneurs, including small and medium-sized businesses carrying out trade operation with Saudi Arabia.
The project is supported by Azerbaijan’s Small and Medium Business Development Agency.
The Saudi Fund for Development Export Program and Azerbaijan’s Kapital Bank OJSC signed relevant decree on March 17, the SMB Development Agency has reported.
During the meeting, speaking about trade, economic and business cooperation between Azerbaijan and Saudi Arabia, Agency’s Board Chairman Orkhan Mammadov noted the great potential for the development of bilateral relations, especially in the field of SMBs.
He stressed that the new program initiated and supported by the Agency will be of great importance for local small and medium-sized businesses doing trade with Saudi Arabia.
Saudi Arabian Ambassador Hamad bin Abdullah bin Saud bin Khudair underlined the need to develop cooperation between the two countries in all spheres. He added that the new program will be useful for the expansion of trade and ties in the SMB sectors.
Moreover, Kapital Bank’s Board Chairman emphasized that the bank supports the development of SMBs and offers various tariff packages, adding that the new program will contribute to business development.
Additionally, the Saudi Fund for Development’s Export Program Director General stressed that the new credit line will support Azerbaijani entrepreneurs, in particular, SMBs importing goods and services of Saudi Arabian origin.
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Ayya Lmahamad is AzerNews’ staff journalist, follow her on Twitter: @AyyaLmahamad
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