Azerbaijan’s achievement of victory in the 44-day Patriotic War for the liberation of its lands from the Armenian occupation in late 2020 gives grounds for positive outlooks on the future of the country's banking sector, PASHA Bank CEO and Board Chairman Taleh Kazimov told Trend on Jan.22.
According to Kazimov, the lands liberated from occupation have great potential in terms of farming, mining of precious metals, development of transport and logistics, tourism and hospitality, in a word, the entire real sector of the economy.
"For this reason, both local and foreign investors will be interested in setting up their business in these territories. Therefore, we can say with confidence that these territories will eventually turn into a large business center of Azerbaijan," he said.
According to the CEO, at the initial stage, restoration work will be carried out on these lands. This provides for the creation of a common infrastructure and primary living conditions. The special focus will be on the construction of social houses, the rehabilitation and construction of roads, railways, and airports. At the next stage, there will be a transition to large-scale economic development projects.
"The main task of financial institutions in this period is to provide entrepreneurs with the necessary support. The banking community of Azerbaijan is interested in taking the necessary measures to develop and support the entrepreneurial ecosystem in the liberated territories," he noted.
Kazimov pointed out that since its inception, PASHA Bank has been acting as a reliable financial partner of the business. Thanks to digital solutions and the up-to-date financial instruments offered by the bank, entrepreneurs are able to further facilitate their daily business processes. "PASHA Bank is determined to open a new branch in the liberated city of Shusha. This is also reflected in the bank's new development strategy for 2021-2023," he further said.
According to him, through the branch, the bank will contribute to the implementation of all state initiatives aimed at restoring the liberated territories and will contribute to the development of local entrepreneurship, establishing ties with partners both inside the country and abroad. Thus, PASHA Bank will support big business and small business development in this region.
The main goal of the bank is to support the real sector by developing products and services that will meet the needs of various business segments, and thereby contribute to the diversification and sustainable development of the Azerbaijani economy, he summed up.
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