US supports Azeri banks to boost SME sector
US Bankworld Inc. has signed Memoranda of Understanding with five
Azerbaijani banks to support the development of small and medium
businesses in the country.
Technical advisory and training services will be provided to ATRABank, Azerdemiryol Bank, Mugan Bank, NBC Bank and the Royal Bank of Baku as part of the Financial Sector Stability Program (FSSP) announced by the United States Agency for International Development (USAID).
The agreement will support the banks` development and strengthening of sustainable financial services to the small business sector. Further, the banks will receive assistance in the disbursal of loans and in attracting deposits.
Scott Taylor, USAID Country Coordinator for Azerbaijan, noted that the assistance, worth $1 million, would increase the competitiveness of local banks.
Experts say that the reduction of risks and technical expenditures could also help to make bank loans more affordable.
Farid Bakhshiyev, USAID Project Manager in Azerbaijan, said the technical assistance targets improving internal procedures and applying international experience in the sponsored banks. "This, in turn, will promote the acquisition of new funds and boost further development of the banks."
Technical advisory and training services will be provided to ATRABank, Azerdemiryol Bank, Mugan Bank, NBC Bank and the Royal Bank of Baku as part of the Financial Sector Stability Program (FSSP) announced by the United States Agency for International Development (USAID).
The agreement will support the banks` development and strengthening of sustainable financial services to the small business sector. Further, the banks will receive assistance in the disbursal of loans and in attracting deposits.
Scott Taylor, USAID Country Coordinator for Azerbaijan, noted that the assistance, worth $1 million, would increase the competitiveness of local banks.
Experts say that the reduction of risks and technical expenditures could also help to make bank loans more affordable.
Farid Bakhshiyev, USAID Project Manager in Azerbaijan, said the technical assistance targets improving internal procedures and applying international experience in the sponsored banks. "This, in turn, will promote the acquisition of new funds and boost further development of the banks."
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