A memorandum of cooperation between Azexport.az portal and VTB Bank – Azerbaijan was signed at the Center for Analysis of Economic Reforms and Communication (CAERC). The document was signed by Zaur Qardashov, Head of the Azexport portal, and Yevgeniy Kirin, Chairman of the Management Board of VTB Bank – Azerbaijan.

The memorandum aims to provide Azerbaijani exporters with new export finance opportunities in countries where VTB Bank Group operates, organize joint events and conferences, facilitate business missions, exchange information on Azexport.az portal capabilities, and offer new insurance, transportation, and logistics services.

Zaur Qardashov emphasized that the new cooperation will significantly contribute to the Azexport portal’s activities:

“Russia has traditionally remained a key market for Azerbaijani agricultural products. Research shows that market chains and other government and private procurement contracts generate more added value and are more reliable than traditional bazaars and fairs. However, one challenge for Azerbaijani exporters in these channels is that payments for delivered goods are often delayed by 60–90 days, which complicates continuous supply.”

He added that, to support Azerbaijani exporters, Azexport and VTB Bank will provide short-term financing to exporters willing to supply goods to Russian retail chains and other potential clients. Exporters will be able to receive payment for delivered goods within 2–3 days through the bank, ensuring uninterrupted supply and enabling sales at higher prices with stable partners.

Yevgeniy Kirin, Chairman of VTB Bank – Azerbaijan, also noted:“VTB (Azerbaijan) is part of an international financial group operating in over 20 countries. One of our key objectives is to help Azerbaijani businesses access new markets. I am confident that this memorandum will expand financial opportunities for Azerbaijan-Russia exporters and stimulate entrepreneurial activity.”

Additionally, Azexport.az is negotiating with other international banks, including Emirates NBD, Deutsche Bank, and Raiffeisen, to provide favorable financial instruments to exporters.