Black Sea Trade Bank signs financing agreement with Azerbaijan Airlines

The Black Sea Trade and Development Bank (BSTDB) has signed a financing agreement with Azerbaijan Airlines (AZAL) and is preparing to support investments in solar energy and other sectors in Azerbaijan, the bank's president said on July 1.

Speaking to reporters on the sidelines of the 28th Annual Meeting of the BSTDB Board of Governors in Baku, President Serhat Köksal said the agreement with the state-owned carrier was signed but did not disclose its value or financial terms, Caliber.Az reports via local media.

"We signed an agreement with Azerbaijan Airlines yesterday. Going forward, we will finance investments in solar power plants in the energy sector. At this stage, we cannot provide further details, but our discussions are continuing," Köksal said.

He added that the bank was also looking to mobilise financing for projects in Azerbaijan across a range of sectors, including logistics, tourism and education.

Köksal said the lender's broader objective was to promote economic development in Azerbaijan and other member states while strengthening trade among them.

"We have seen tremendous support from the Azerbaijani government in this regard. As a bank, we are doing, and will continue to do, everything we can to support Azerbaijan's economy," he said.

By Aghakazim Guliyev