Baku: The Asian Development Bank (ADB) has reaffirmed its strategic investor status in Azerbaijan, focusing on enhancing micro and small business access through commercial banks. Sanan Shabanov, Chief Investment Officer of ADB’s Azerbaijan Office, highlighted these efforts during a panel discussion at the Azerbaijan International Investment Forum, as reported by APA-Economics.
According to Azeri-Press News Agency, Shabanov detailed ADB’s initiatives, including a 2023 local currency loan approved with a major bank to support micro-businesses, particularly those led by women. Additionally, ADB is collaborating with TuranBank and Rabitabank to bolster SMEs, especially in cross-border operations. Both banks have been recognized by ADB for their innovative and successful SME trade operations.
Shabanov emphasized ADB’s broader role as a strategic investor, noting the organization’s commitment to not only financing but also working with local authorities to foster a conducive business environment. ADB’s efforts include developing public-private partnerships, enhancing local legislation, and creating new financial instruments. The bank’s support extends beyond financial products to include technical assistance, such as the Women’s Access to Business project with AccessBank, which has benefited around 30 women-led entrepreneurial activities.