BAKU, Azerbaijan, November 28. The International Islamic Trade Finance Corporation (ITFC) is targeting around 10 banks and financial institutions in Azerbaijan to establish financing lines, Nazeem Noordali, Chief Operating Officer of Trade Solutions Complex at ITFC, said in an exclusive interview with TurkicWorld
"ITFC focuses on two main pillars: trade finance and trade development. The TCCA+ program, which involves Central Asian countries and Azerbaijan, is dedicated to fostering trade and business development. In terms of trade finance, our presence in the region is significant, extending beyond Azerbaijan," he said.
Noordali pointed out that ITFC has actively engaged in trade finance across countries such as Kazakhstan, Uzbekistan, Tajikistan, and Kyrgyzstan.
"Since last year, we have revitalized our trade financing efforts in Azerbaijan. Previously, between 2009 and 2014, we conducted numerous transactions there. Our primary intervention in Azerbaijan involves providing financing lines to local banks, thereby enhancing their ability to support small and medium-sized enterprises (SMEs) in accessing our funds," he said.
The Chief Operating Officer went on to add that in Uzbekistan, the ITFC has established a strong presence, collaborating with 12 banks.
"We are now implementing a similar model in Tajikistan, Kyrgyzstan, and Azerbaijan. Our partnership in Uzbekistan began in 2018 with just one bank, and we have since expanded to 12. We aim to replicate this success in Azerbaijan, targeting around 10 banks and financial institutions to establish financing lines.
Our main focus in Azerbaijan will be to provide financing through local banks, serving as intermediaries. We plan to allocate lines of financing ranging from $20 million to $30 million for import and export activities, which will then be distributed by these banks to their primary SME clients. This approach aligns with Azerbaijan's dynamic economy, where the private sector plays a vital role," Noordali added.
