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A new credit line was opened to support local SMBs performing trade operations with Saudi Arabia 17.03.21

The Saudi Fund for Development has opened a new credit line to support local entrepreneurs, including small and medium businesses performing trade operations with Saudi Arabia on the initiative and with the support of the Azerbaijani Small and Medium Business Development Agency (SMBDA).

For this purpose, on March 17, an agreement was concluded between the Export Program of the Saudi Fund for Development and Kapital Bank OJSC with the participation of the Ambassador Extraordinary and Plenipotentiary of the Kingdom of Saudi Arabia to Azerbaijan Hamad bin Abdullah bin Saud bin Khudair. The document was signed by the Director General of the Saudi Export Program Abdulmohsen Al Khayal and Chairman of the Board of Kapital Bank OJSC Rovshan Allahverdiyev.

At the meeting, the Chairman of the SMBDA Board Orkhan Mammadov underlined the great potential of trade, economic, and business cooperation between Azerbaijan and Saudi Arabia, especially in the field of SMBs, and emphasized that the new program initiated and supported by the Agency would be of great importance for local SMBs engaged in trade with Saudi Arabia.

Ambassador Extraordinary and Plenipotentiary of Saudi Arabia to Azerbaijan Hamad bin Abdullah bin Saud bin Khudair noted the need to develop cooperation between the two countries in all spheres, adding that the new cooperation program would be useful for expanding trade and ties in the SMB sector.

Chairman of the Board of Kapital Bank OJSC Rovshan Allakhverdiev said that the bank supports the development of small and medium businesses and offers various tariff packages and that the new program would contribute to business development.

Director General of the Export Program of the Saudi Fund for Development Abdulmohsen Al-Khayal stressed that the new financial line opened under the program would support Azerbaijani entrepreneurs, in particular small and medium businesses importing goods and services of Saudi Arabian origin, in the trade operations.