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EBRD ready to share its experience with Azerbaijan in boosting control over payments - official

Economy Materials 17 May 2022 12:52
EBRD ready to share its experience with Azerbaijan in boosting control over payments - official
Sadraddin Aghjayev
Sadraddin Aghjayev
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BAKU, Azerbaijan, May 17. European Bank for Reconstruction and Development (EBRD) is ready to share its experience with Azerbaijan in the field of boosting control over payments, the head of the EBRD representative office Kamola Makhmudova said at the EU-Azerbaijan business forum in Baku on May 17, Trend reports.

According to Makhmudova, reforms in the banking sector should be aimed at strengthening control of overpayments.

"The cooperation of the EBRD with the state structures of Azerbaijan in this direction is an important element. We are ready to share our experience with banks and the regulator within these works," she noted.

The EBRD office head also noted that the growth of the Azerbaijani economy and the investment potential of the country creates an opportunity to increase foreign direct investment.

According to her, this is facilitated by the reforms carried out in recent years and the increase in the loan portfolio.

"The Central Bank of Azerbaijan is carrying out work contributing to the growth of the economy, employment, and the use of preferential mortgages,” Makhmudova further said. It’s also necessary to note the leading role of the regulator in the field of social security of the population during the COVID-19 pandemic.”

She added that the economic zones being created in Azerbaijan, including those ones in the territories liberated from Armenian occupation [in the 2020 second Karabakh war], also contribute to the growth of foreign direct investments.

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