BAKU, Azerbaijan, April 15. Azerbaijan's Rabitabank OJSC and the Asian Development Bank (ADB) have signed a cooperation agreement on the "Trade Finance Guarantee System", Trend reports.
According to Rabitabank, the agreement was signed by the CEO of the bank Aydin Huseynov and ADB country director for Azerbaijan Candice McDeigan.
It is noted that cooperation with ADB is aimed at strengthening Rabitabank's trade finance operations and offering improved services to its clients.
By emphasizing the use of ADB's knowledge and financial backing, Rabitabank hopes to improve its ability to manage risks associated with foreign trade activity. This effort is expected to increase regional economic stability and prosperity.
"We are pleased to collaborate with the Asian Development Bank to enhance our trade finance capabilities. This agreement underscores our mutual dedication to fostering economic growth and facilitating cross-border trade. With the backing of ADB, we are confident in our ability to offer tailored financing solutions that address the evolving requirements of our clients and promote sustainable development," the CEO said.
In turn, the country director emphasized that ADB is pleased to be back in Azerbaijan's financial sector.
"The collaboration with Rabitabank marks the first partnership under the Trade and Supply Chain Finance Program in Azerbaijan since 2016. Rabitabank holds significance as a key partner due to its dedicated efforts in business expansion within Azerbaijan, its intentions to broaden its supply chain initiatives, and its commitment to advancing the country's non-oil sector," she said.
ADB is committed to building a prosperous, inclusive, resilient and sustainable Asia-Pacific region while continuing its efforts to eradicate extreme poverty.
Established in 1966, the Bank operates under the governance of 68 members, encompassing 49 countries within the region.
