Azerbaijan Banks Association and the Karabakh Revival Fund have initiated collaboration – PHOTO

On October 11, 2021, a Memorandum was signed between the Azerbaijan Banks Association and the Karabakh Revival Fund to support initiatives aimed at the restoration and reconstruction of the liberated territories, as well as their transformation into a resilient economy and a region with high prosperity.

The Memorandum was signed by Zakir Nuriyev Chairman of the Board of the Azerbaijan Banks Association and Rahman Hajiyev Chairman of the Executive Board of the Karabakh Revival Fund.

The purpose of the Memorandum of Cooperation is to implement collaboration in supporting initiatives aimed at the restoration and reconstruction of the liberated territories, and  their transformation into a resilient economy and a region with high prosperity. Additionally, it aims to encourage an increase in donations transferred to the Karabakh Revival Fund through the possible mobilization of banks' service networks, products and other resources.  

According to the agreement, in order to achieve the objectives outlined above, the Memorandum includes the creation of a collaborative environment and communication between members of the Karabakh Revival Fund (KRF) and the Azerbaijan Banks Association (ABA), as well as the training of existing working groups and the creation of new ones if necessary. It also ensures the participation of KRF in the meetings of working groups, facilitates the communication of projects presented by KRF to ABA members, and analyzes and explores financing options. 

This collaboration also encompasses significant issues such as providing favorable banking services to citizens returning to the liberated territories and ensuring favorable banking services for companies operating in those areas. 

Both parties emphasize that this collaboration will play a significant role in the restoration and reconstruction of the liberated territories and the improvement of socio-economic prosperity.