IFC to help small businesses in Azerbaijan to access funds
Baku, Azerbaijan, Feb. 4
By Azad Hasanli - Trend:
The event dedicated to the beginning of the third phase of the consultation project to improve Azerbaijan's financial infrastructure and access to financial opportunities began in Baku Feb. 4.
The project of infrastructure of the Central Asian financial markets, implementing by the International Finance Corporation (IFC), is funded by Switzerland's State Secretariat for Economic Affairs.
The project will help to improve the situation with the return of loans, increase credit portfolio of the banking sector and create a private credit bureau in the next three years.
The representatives of international finance organizations, banking sector and others take part in the event.
In the project's early stages preparatory work was carried out, and it is planned to adopt appropriate legislative acts in the third phase and start working, Aliya Azimova, the head of IFC's Baku office said.
"We try to create new opportunities for the development of the private sector by creating an effective system of information exchange and extending possibilities of using the moveable property," she said.
The financial sector has always been among the IFC's priorities in Azerbaijan, according to her.
"We hope for the further cooperation with Azerbaijan in the spheres of improvement of business, development of agricultural sector, improving corporate governance and others," said Azimova.
Azerbaijan cooperates with IFC since 1995. IFC's portfolio in Azerbaijan exceeds $400 million, and these funds were allocated to the implementation of more than 70 projects.