IFC assists Azerbaijan`s bank to support int’l traders

IFC, a member of the World Bank Group, is helping Azerbaijan’s Turan Bank train its staff to reduce risks related to trade finance, provide better solutions for small international traders, and support their efforts to expand and tap foreign markets, AzerTag state news agency reported.

IFC’s Global Trade Finance Program (GTFP) advisory services are organizing a series of training programs to help the bank process trade transactions. The courses are designed to help participants understand international trade operations, while reducing associated risks and costs, thereby promoting international trade and networking among banks.

“We aim to become one of the key players in introducing new products and profitable trade solutions to our clients. IFC’s training programs will help us achieve this strategic objective,” Chairman of the Management Board of Turan Bank Nazim Sadigov said.

Through GTFP’s advisory services, IFC has delivered close to 220 training programs, reaching more than 5,400 bankers in over 60 countries.

“By sharing our global knowledge with the local market, we aim to help our partner bank in Azerbaijan strengthen its capacity in trade finance,” IFC country representative in Azerbaijan Aliya Azimova said. “This initiative is expected to benefit small and midsize exporters and importers creating more opportunities for trade in and out of Azerbaijan.”

Azerbaijan became a member of IFC in 1995. Since then, IFC has invested more than $414 million in the country and mobilized $73 million from other lenders. IFC has also implemented advisory projects focused on private sector development.