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ADB starts to examine microfinance sphere in Azerbaijan

Economy Materials 7 July 2015 14:30 (UTC +04:00)

Baku, Azerbaijan, July 7

By Anvar Mammadov - Trend:

A review mission of the Asian Development Bank , headed by a specialist in the development of the private sector Inmaculada Martinez will visit Baku July 7 to familiarize themselves with the state of microfinance in Azerbaijan, ADB office in Azerbaijan told Trend July 6.

"The mission of the bank will be in Baku for two days," said the Baku office of the bank. "During the visit, the mission will become familiar with the reports on the development of microfinance in Azerbaijan and hold meetings with partners."

The project "Development of the microfinance sector in Azerbaijan" was adopted in 2014. Under the project, the ADB has allocated $300,000 to Azerbaijan for technical support, providing assistance to the government in formulating policy of financial integration and strategy, improvement of regulatory rules.

It is expected that this policy will create possibility for investments and attract strategic investments in new services such as payments, microinsurance and new mechanisms for these services.

In April 2015, the meeting of the ADB in the Association of Insurers discussed attracting microfinance institutions to the insurance market of Azerbaijan, as well as the creation and development of microinsurance in Azerbaijan, provision of technical assistance in this regard.

The ADB was established in 1966, it has 67 members. Its headquarters is located in the capital of the Philippines - Manila.

Azerbaijan joined the ADB on December 22, 1999 with share in the bank's capital of 0.5 percent.

ADB's leading shareholders are Japan and the US (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent).

Since the start of cooperation, the ADB has allocated to Azerbaijan some $1.6 billion for 12 projects in the area of road construction, energy, irrigation, water supply and sanitation improvement.

Edited by CN

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