SMBs Development Agency, Roseximbank eye financial co-op

By Ayya Lmahamad

Roseximbank is interested in expanding cooperation with Azerbaijan’s financial institutions.

The remark was made during the meeting between Azerbaijan’s Agency for Small and Medium-sized Businesses Development Chairman Orkhan Mammadov with Roseximbank’s Head Azer Talybov, who was on a visit to Baku.

Following the discussions at the 24th St. Petersburg International Economic Forum, held in June, the meeting focused on SMB’s access to financial resources.

The parties also discussed the cooperation opportunities with the bank in this area, as well as SMB trade finance and financial instruments offered by the bank.

It should be noted that within the working visit, Talybov held a series of meetings with the management of Azerbaijan’s largest banks, the country’s Economy Minister Mikayil Jabbarov and Deputy Prime Minister Shahin Mustafayev. During the meetings, the parties noted the positive dynamics of Russian-Azerbaijani trade and economic cooperation.

The main purpose of the working visit was to develop cooperation between financial institutions in order to develop the most effective instruments of financial support for companies in Russia and Azerbaijan.

The trade turnover between Azerbaijan and Russia amounted to $2.6 billion in 2020, thus main Russia Azerbaijan’s third-largest partner. In addition, the trade turnover between the two countries amounted to $1 billion in the first five months of 2021.

State Specialized Russian Export- Import Bank (joint-stock company) was founded in 1994 to realize the Russian State’s objectives and policy to stimulate and support the export of Russian manufacturing products.