ITFC provided $103M in financing in Azerbaijan to date

The International Islamic Trade Finance Corporation (ITFC) has so far carried out financing worth $103 million in Azerbaijan, according to Hojamurod Hojaev, Head of Relationship Management, Trade Finance Department at ITFC, Report informs.

He shared this insight at the Islamic Development Bank (IsDB) Group's event under the theme Regional Integration for Sustainable Prosperity.

Hojaev noted that ITFC currently has two active partners in Azerbaijan – Rabitabank and TuranBank – each of which has received $10 million.

The official added that these funds are intended to provide both funded and unfunded trade finance solutions to SMEs in Azerbaijan. Alongside trade finance, ITFC also supports trade development through capacity‑building activities and seminars involving beneficiaries from Azerbaijan's financial sector and banks.

Hojaev highlighted Azerbaijan's important role in the design and approval of ITFC's flagship program for Central Asia and Azerbaijan, Trade Connect Central Asia Plus.

According to him, launched in 2024 in Azerbaijan, the program covers five Central Asian countries and Azerbaijan, with Azerbaijan as a key participant.

He underlined ITFC's focus on expanding partnerships with local banks to deliver Sharia‑compliant trade finance solutions, capacity‑building, and advisory services to SMEs and private sector clients.

The official also mentioned that in line with ITFC's mandate, attention may also be given to large‑scale, government‑guaranteed trade finance programs. On the trade development side, ITFC aims to broaden cooperation to offer integrated trade finance solutions that will support private sector growth and economic development.