BAKU, Azerbaijan, September 18. Azerbaijan and the International Islamic Trade Finance Corporation (ITFC) are discussing the establishment of the Line of Trade Financing facilities, Eng. Hani Salem Sonbol, Chief Executive Officer of the International Islamic Trade Finance Corporation and Acting Chief Executive Officer of the Islamic Corporation for the Development of the Private Sector (ICD) (members of the Islamic Development Bank (IsDB) Group), said in an exclusive interview with Trend.
“Absolutely, our commitment to Azerbaijan remains strong, and we have specific plans in place for financial support by the end of 2023. As part of these plans, the signing of US$ 10 million Letter of Credit Confirmation facility with Rabitabank. This collaboration with Rabitabank represents a concrete step in our ongoing efforts to bolster trade finance solutions in Azerbaijan. ITFC is also actively exploring additional financing opportunities with several other esteemed banks based in Azerbaijan. These discussions are geared towards establishing Line of Trade Financing facilities, which will be designed to cater to the diverse needs of private sector clients, with a particular emphasis on supporting small and medium-sized enterprises (SMEs),” he explained.
Hani Salem Sonbol noted that these Line of Trade Financing facilities are poised to make a substantial impact in facilitating trade, fostering economic growth, and promoting financial inclusivity within Azerbaijan.
“They will offer both funded and unfunded trade solutions, providing businesses with the flexibility they require to thrive in the global marketplace. The focus of our financial support for Azerbaijan in 2023 and beyond will center around empowering the private sector, particularly SMEs, which are the lifeblood of any economy. We recognize the vital role these enterprises play in driving innovation, creating jobs, and enhancing economic resilience. By providing them with the necessary financial tools and resources, we aim to catalyze their growth and contribute to the sustainable development of Azerbaijan,” he said.
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