The Asian Development Bank has signed trade finance agreements with five banks in Azerbaijan to help domestic firms engage in international trade. The signing banks include Accessbank, Azerigazbank, Bank Respublika, Demirbank OJSC, and Open Joint Stock Company “Bank of Baku.”
The agreements are part of ADB’s Trade Finance Facilitation Program, which offers loans and guarantees through international and local banks to back international trade transactions. ADB is looking at expanding its trade finance program in other Central Asian nations by the end of 2010. Banks in Afghanistan, Azerbaijan, Mongolia and Uzbekistan are already taking part in the program.