On October 27, the second annual conference on the topic of Credit Unions social and economical efficiency took place in Baku. The event was organized by the Azerbaijan Credit Union Association (ACUA) through financial support from ACDI/VOCA, the executor of the project Small and Medium Enterprise Support through Development of Financial Sector financed by the U. S. Agency for International Development (USAID), Trend reports.
The key aim of the conference was the celebration of International Day of Credit Unions. Therefore, the members of the government and donors and population got familiarized at the conference with the role of the Credit Unions in economic and social life of the country and their participation in the settlement of the social and economical problems (development of regions, poverty reduction, returning of internally displaced persons to the released lands, development of the agricultural crediting).
5-10 years ago, there were difficulties with the use of the financial sources for crediting, but today there aren't such problems, the chairman of the Parliamentary Commission for economic Policy Ziyad Samadzade told. According to him, a high industrial growth is noted in 24 regions of the country and this increases the financial opportunities. The entrepreneurship climate is being improved in Azerbaijan and today the measures taken with regard to improvement of the legislation for the spheres of insurance, taxation and banking sector allow developing the entrepreneurship.
The USAID Representative Stiv Moran considers that the development of this sphere of the financial institutions helps reduce poverty and increase profitability.
The event brought together the representatives of the Cabinet of Ministers, Parliament, National Bank, Economic Development Ministry, Ministry of Finance and diplomatic representations.