Having completed its 6th year in Turkey, PASHA Bank contributes to the development of trade between Turkey-Azerbaijan-Georgia. PASHA Bank, which wants to play an active role in the restructuring of Upper Karabakh after the liberation of Azerbaijan from the 30-year-long occupation of Armenia and provides special financing to every investor, points out that investments in Azerbaijan will accelerate with the Preferential Trade Agreement (PTA), which will enter into force on March 1, 2021.
The PTA signed for the development of commercial relations between Turkey and Azerbaijan will come into force on March 1, 2021. Turkey has invested $12 billion in Azerbaijan, while Azerbaijan has $19.5 billion dollars investment in Turkey. The goal is to increase the trade volume between Turkey and Azerbaijan through the PTA. At the Azerbaijan Business Forum held on Thursday, February 18th, 11 agreements and memorandum of understanding exceeding $100 million were signed between the institutions of the two countries, non-governmental organizations and the business world. After the liberation of the Upper Karabakh region from the 30-year invasion of Armenia, a restructuring in many areas such as construction, agriculture, tourism and energy has already started in the region, and the process will accelerate from March 1, 2021 on. Especially, given the fact that Turkish contracting companies have so far undertaken 436 projects worth $15 billion in Azerbaijan, as well as the Baku-Tbilisi-Kars railway line, the opportunities provided by the region for investors come into sight.
Having grown by 26% compared to 2019, despite the pandemic, PASHA Bank increased total assets to TRY 2,179 million, cash loans to TRY 1,493 million, representing an increase of 37%, and has been contributing to the development of trade among Turkey-Azerbaijan-Georgia over the last 6 years that it has been operating in Turkey. Providing resources and guidance to enterprises investing in the region through investment banking and corporate banking products, PASHA Bank is ready to play an active role in the development of the Karabakh region as Azerbaijan regains its territories occupied by Armenia for 30 years. PASHA Bank General Manager H.Cenk Eynehan says "We want to be the first bank in the region that comes to mind for those who want to do business with Turkey, Azerbaijan, and Georgia, and want to finance major projects in the region. We are able to finance trade and transfer money in the currencies of all three countries. There is a trade corridor here. We are now trying to grow by using new opportunities such as the Iron Silk Road and the energy corridor. We support the investors to play an active role in the reconstruction of Karabakh. We are a boutique bank that offer special financing alternatives for each company."