The Association of Credit Unions of Azerbaijan (ACUA) is going to submit a number of proposals on development of credit unions in Azerbaijan to the government, the non-banking credit organization (NBCO) “Executive Credit Agency”, founded by ACUA told Trend.
The proposals will be aimed at stimulating of credit unions further development and expansion of their activities. In particular, ACUA suggests to introduce changes to the law “On credit unions” for permitting the unions to involve deposits of physical and legal entities.
The “Executive Credit Agency” NBCO was founded in the framework of the "Agricultural development and agricultural crediting” project, funded by the World Bank and later redeemed by ACUA.
The World Bank is supposed to allocate a loan for the amount of $100 by three tranches during 10 years to Azerbaijan. The project’s first stage evaluated at $33,65 million is currently implemented.