USAID Shows Interest in Azerbaijan’s Banking Sector
The US Agency for International Development (USAID) is looking to boost the development of Azerbaijan’s banking sector, according to Toghrul Aliyev, the General Director of the Central Bank of Azerbaijan (CBA). In a press conference held in Baku, Aliyev revealed that USAID representatives visited Azerbaijan in May and are currently working on a financial project with one of the local banks. Additionally, USAID is supporting the establishment of correspondent relations with the CBA, showing a strong commitment to the country’s financial growth. Recently, an Azerbaijani bank even opened a correspondent account in the US, marking a significant milestone in their collaboration with USAID.
USAID, an independent agency under the US government, plays a crucial role in administering civilian foreign aid and promoting development worldwide. Boasting a budget of over $50 billion, USAID stands as one of the biggest official aid agencies globally and is the largest contributor to US foreign assistance. As the partnership between USAID and Azerbaijan’s banking industry continues to strengthen, it promises exciting opportunities for financial development and growth in the region.
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