KOBIA and ADB ink memo on green transition of SMEs

A Memorandum of Understanding on green transition and green development of SMEs has been signed between the Small and Medium Business Development Agency (KOBIA) under Azerbaijan’s Ministry of Economy and the Asian Development Bank (ADB), Report informs, citing KOBIA.

KOBIA Chairman Orkhan Mammadov and Sunniya Durrani-Jamal, ADB Country Director for Azerbaijan signed the document.

The memorandum expresses ADB's support for the Baku Climate Coalition Declaration for SMEs' Green Transition proposed by KOBIA and envisions joint implementation of activities outlined in the declaration, including matters related to SMEs' green transition. For this purpose, the memorandum reflects cooperation in areas such as supporting the implementation of SMEs' green initiatives, enhancing their capabilities in this field, providing joint support for access to green finance, and taking measures to analyze the regulatory framework to support SMEs' green transition.

During the meeting, discussions were held on SMEs' green transition, cooperation opportunities between KOBIA and ADB in the SME sector, as well as matters arising from the memorandum.