Azerbaijani Association of Banks joins Sustainable Banking & Financing Network

The Azerbaijani Association of Banks (AAB) joined the Sustainable Banking and Financing Network (SBFN), Azernews reports, citing SBFN.

“SBFN and IFC [International Financing Corporation] look forward to supporting AAB as it makes progress in developing a sustainable finance framework and engages with other stakeholders in the country to enhance the development of sustainable finance in Azerbaijan,” SBFN said.

Established in 2012, SBFN is a voluntary community of financial sector regulators, central banks, ministries of finance, ministries of environment, and industry associations from emerging markets committed to advancing sustainable finance for national development priorities, financial market deepening, and stability.

As of February 2023, SBFN comprises 75 member institutions representing 62 countries and US$43 trillion (86 percent) of the total banking assets in emerging markets.

AAB was established in 1990 by commercial banks. The main purpose of AAB is to represent member organizations, to provide support in meeting their needs for various types of business services, and to coordinate their activities. Currently, 25 banks and 5 non-banking organizations are members of ABA.