EBRD to lend Azerbaijan's ABB $50 mln to expand trade financing

BAKU. Nov 15 (Interfax) - The International Bank of Azerbaijan (ABB) will receive a $50 million loan from the European Bank for Reconstruction and Development (EBRD) to expand trade financing under an agreement signed at the UN COP29 climate conference in Baku on Thursday, ABB said in a press release.

ABB said it plans to use the money foremost for projects focused on the green economy, with an emphasis on reducing greenhouse gas emissions and supporting sustainable trade practices.

"Cooperation with the EBRD in the area of trade financing will enable ABB to expand possibilities to support the real sector, strengthen its international operations and provide broader access to financial instruments to entrepreneurs involved in foreign trade. This will particularly open new opportunities for small and medium businesses, facilitating their expansion on international markets," the bank said.

The ABB, founded in 1992, is Azerbaijan's largest bank. It is 92.2% state owned.

The EBRD has provided about 4 billion euros to finance more than 190 projects in Azerbaijan since the country became a member of the bank in 1992.