Bank Respublika has signed a $20 million financing agreement with the OPEC Fund for International Development to expand access to funding for micro, small and medium-sized enterprises (MSMEs) across Azerbaijan.

The four-year loan is designed to strengthen the country's private sector by increasing financing for entrepreneurs, supporting business growth, creating new jobs and contributing to Azerbaijan's long-term economic development, The Caspian Post reports via Bank Respublika.

The agreement was signed in Vienna during the OPEC Fund Development Forum 2026, held to mark the organization's 50th anniversary. The document was signed by Bank Respublika Chairman Tariyel Ismayilov and OPEC Fund for International Development President Dr. Abdulhamid Alkhalifa.

The signing ceremony was also attended by Azerbaijan's Deputy Economy Minister Anar Akhundov and the country's Ambassador to Austria Rovshan Sadigbayli.

According to the bank, the new financing will enable Bank Respublika to increase lending to entrepreneurs and expand support for projects that promote innovation, business development and sustainable economic growth.

Dr. Abdulhamid Alkhalifa described the deal as a milestone for the OPEC Fund, noting that it represents the institution's first local-currency loan. He said the financing mechanism will help reduce foreign exchange risks, encourage investment and improve the effectiveness of development financing in partner countries.

Ismayilov welcomed the agreement, calling it more than just a financing package.

"This is an important vote of confidence from one of the world's leading international development finance institutions," he said, expressing confidence that the deal marks the beginning of a long-term partnership between Bank Respublika and the OPEC Fund.