Azerbaijan Export and Investment Promotion Agency (AZPROMO) is working towards the creation of EXIM Bank tools in the country, Yusif Abdullayev, the head of the Agency, told Report.
“This will bring our exporters, their products and services to the foreign market to a new stage. In the first stage, only the creation of tools is envisaged. Issues such as the application of lending and financing, insuring the product sold to a foreign country on the other side, and taking risks from the other side are reflected here. We want to implement it as a tool. If successful, we can propose to the government the creation of EXIM Bank – a bank for export and import transactions applied worldwide. It is still very difficult to say whether it will be in the form of a bank. These tools will be entrusted to an institution operating under the Ministry of Economy. Their implementation is significant for us. We will take our next steps after seeing the result. The presidential decree on the promotion of the Made in Azerbaijan brand includes a wide range of mechanisms, but those mechanisms did not have the support of financial instruments. After that, we will apply our incentive tools to our exporters in all directions. The process will not be limited to this, we will apply all new mechanisms it to our exporters,” Abdullayev noted.
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