Baku: TuranBank OJSC has announced a significant international partnership aimed at enhancing gender equality and expanding financial opportunities for women. The bank has secured funding from Belgium-based Incofin Investment Management through the Global Gender-Smart Fund S.A., SICAV (GGSF), amounting to the local currency equivalent of USD 5 million over a period of three years.

According to Azeri-Press News Agency, the funds are earmarked for micro, small, and medium-sized enterprises, with a focus on those owned or led by women. The initiative aims to improve financial access for women entrepreneurs, support business growth, create employment opportunities, and foster inclusive economic development across Azerbaijan, particularly in regional areas.

The emphasis on promoting gender equality and access to financial resources is aligned with sustainable economic growth objectives. International evidence suggests that empowering women entrepreneurs boosts economic resilience and innovation, contributing to broader social prosperity. TuranBank's partnership underscores its commitment to enhancing women's economic participation and reducing financial barriers. Additionally, the funding will facilitate better access to long-term local currency financing, helping local businesses manage foreign exchange risks and enhance financial sustainability.

The agreement highlights the confidence international financial institutions have in TuranBank's stability, transparency, and corporate governance. It supports the bank's strategic goals of boosting financial inclusion, promoting gender equality, and contributing to sustainable economic development.

TuranBank continues to prioritize expanding international cooperation, supporting women-led enterprises, and advancing inclusive economic growth in Azerbaijan.