EBRD and Bank Respublika issue first transaction after renewing the trade finance guarantee facility
The European Bank for Reconstruction and Development (EBRD) and Bank Respublika OJSC have issued the first transaction after agreeing to reinvigorate the trade finance guarantee facility back in September. The renewal was signed by the EBRD President Odile Renaud-Basso and Tariyel Ismayilov, the Chairman of Executive Board of Bank Respublika.
The transaction was covered by the EBRD’s Trade Facilitation Programme (TFP) guarantee that assisted Bank Respublika and Raiffeisen Bank International Austria to support the agreement between Azerbaijan Compulsory Insurance Bureau and the Council of Bureaux.
Commenting on the milestone transaction, Kamola Makhmudova, the Head of the EBRD Resident Office in Baku noted, “I am delighted that TFP is back in Azerbaijan following a 5-year hiatus that followed the 2015 crisis, as we approved the first trade finance transaction with Bank Respublika. The The transaction is among the largest in 10 years and is indicative of a very strong recovery. We believe this will be one of the many transactions in the coming months, facilitating further integration of Azerbaijani businesses into international markets.”
“Conclusion of this agreement is another step in Bank Respublika’s strategy to support the real sector of Azerbaijani economy and will help to increase the volume of export-import operations of our customers. Main advantages of our bank in the field of trade finance are flexible terms of cooperation and individual approach to the needs of each customer and each transaction by our highly qualified staff. We believe that these components help us to better serve our customers and gain recognition from such respected international institution as EBRD,” said Tariyel Ismailov, Chairman of the Executive Board of Bank Respublika.
The TFP aims to promote foreign trade to, from and within the EBRD regions and offers a range of products to facilitate this trade, including guarantees and trade-related cash advances. The programme strengthens the ability of local banks to provide trade financing, and through these banks gives entrepreneurs throughout our regions the support they need to increase their access to the import and export trade.
This year, both the EBRD and Bank Respublika celebrate 30 years of operations in Azerbaijan. Bank Respublika is one of Azerbaijan’s leading banks and a longstanding partner of the EBRD. Its main strategic goals are small and medium-sized enterprises (SMEs) and microfinance.
The EBRD is a leading institutional investor in Azerbaijan where it has invested than €3.6 billion in 185 projects in the financial, corporate, infrastructure and energy sectors, with most of those investments in private enterprises. The Bank’s strategy in the country focuses on helping Azerbaijan to diversify its economy and develop the non-oil private sector.
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