Baku, 07 April, 2022. Considering that the Bank Respublika is taking high initiatives by demonstrating an appreciative social corporate responsibility in the country on April 6, 2022, in Baku, a memorandum of understanding on bilateral cooperation between the Bank Respublika and SOS Children’s Villages Azerbaijan Association was signed, relying on the research project was funded and proposed by the University of Chicago is titled “Optimizing prevention approaches for children reintegrating from orphanages in Azerbaijan”.
A memorandum of understanding was signed by Tariyel Ismayilov, Chairman of the Board of the Bank Respublika and Zakir Soltanov, National Director of the SOS Children’s Villages Azerbaijan Association.
With this agreement, the Bank Respublika, SOS Children’s Villages Azerbaijan Association, the research project will run an important component is called “Economic Strengthening within the Child Development Account”, which will support involved low-income families and their eligible children to prevent their possibility of reintegration into the boarding schools. According to the eligibility criteria of the research project, selected 200 children, in the 7 to 12 years old age category, who lived in the institution and returned to their biological parents will have an access to open a Child Development Account in the three branches of the Bank Respublika in Baku, Ganja, and Sumgait within the framework of “Social Savings” product, which was specially created for this project. The working structure of the CDA model will motivate families financially to habitize and stabilize their regular savings for the future of their children. Families will start investing in CDA accounts, in return the SOS-CV Azerbaijan will match that amount, adding double - 1:2, but not crossing the limit of 34AZN per month. By this, we will ensure the accumulation of social children’s accounts.
According to the structure of the CDA model, children will participate in the bank account opening stage together with their parents. In this way, children will know that the accounts opened in their names are aimed to support their future. Additionally, the bank’s employees in each study site will hold meetings within the bank, and also they will be invited to the economic strengthening sessions to deliver awareness-raising information about the bank account system in social savings. Through this cooperation the project will be implemented in three study sites; Baku, Ganja, and Sumgait for three years.
“This cooperation, which will be an important contribution to the sustainable economic development of our country, will bear fruit in upcoming years. Involvement of low-income and at-risk families in the Children's Savings Account is a first in the country's history. Through this innovative financial instrument, SOS Children's Villages Azerbaijan and Bank Respublika OJSC will contribute to the UN Sustainable Development Goals 8. Decent Work and Economic Growth, as well as 17. Partnerships for the goals” as a quote was stated by Mr. Zakir Sultanov, National Director of the SOS-CV Azerbaijan Association.
“Bank Respublika has successfully implemented many projects in our country aimed at improving the education, skills, and social welfare of children and youth. "Within the framework of our joint project with SOS Children’s Villages Azerbaijan Association, we are very pleased to be able to contribute to 200 children who were reintegrated into their low-income families from boarding schools," said Mr.Tariyel Ismayilov, Chairman of the Board of Bank Respublika.
