ADB shares experience in financial sector development with Azerbaijan
Baku, Azerbaijan, June 14
By Azad Hasanli - Trend:
The Asian Development Bank (ADB) shared its experience in the field of financial sector development with Azerbaijan in four directions, Head of ADB local office Nariman Mannapbekov told Trend.
"We have prepared four research products and shared our knowledge on how to develop financial inclusion, e-payments, microfinancing and micro-insurance," said Mannapbekov.
He added that these four products, which earlier were at the disposal of the Central Bank of Azerbaijan, will be transferred to the country's Financial Market Supervisory Body in the near future.
"Approximately in August-September 2016, we will be looking for areas where ADB will be able to make further contribution regarding these directions, or one of them," said the ADB representative.
At the same time, Mannapbekov said that this project may not enter the next business plan of the bank on Azerbaijan.
"Our business plan for the coming years will be formed soon, but I'm not sure that this project will be included in it," he said. "It all depends on the Financial Market Supervisory Body. For example, we can continue to provide technical assistance without lending."
ADB has been assisting Azerbaijan since 1999 with approved loan and grant projects totaling about $2.6 billion, including private sector transactions worth about $738 million, as of end 2015.
ADB, based in Manila, is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration.
Established in 1966, ADB is owned by 67 members - 48 from the region.