BAKU, Azerbaijan, March 12. The 1st National Financial Accessibility Forum has been held in Baku, Trend reports.
The forum is jointly organized by the Caspian Energy Club and the Azerbaijan National Business Association.
The forum has convened Chairman and CEO of the Caspian Energy Club Telman Aliyev, Executive Director of the Central Bank of Azerbaijan Fuad Isayev, Chairman of the Board of the Small and Medium Business Development Agency (SMBDA) Orkhan Mammadov, Head of the European Bank for Reconstruction and Development (EBRD) in Azerbaijan Natali Mouravidze, Deputy Chairman of the Board of the Innovation and Digital Development Agency (IDDA) Rashad Khaligov, Deputy Chairman of the Board of the Entrepreneurship Development Fund Eldar Hamidov, and Senior Analyst for Corporate and Institutional Banking at PASHA Bank Jeyhun Baloghlanov.
In his speech, Telman Aliyev noted that they plan to organize financial accessibility forums in all economic regions of Azerbaijan.
He first provided information about the organization he represents, then highlighted that they currently unite more than 5,000 companies and organizations across 50 countries worldwide.
“In Azerbaijan, we have 700 subscribers. We are bringing together companies from almost all regions of Azerbaijan.
Unfortunately, no Azerbaijani association has represented the country on international platforms so far. We aim to take on this mission for the first time," Aliyev remarked.
Fuad Isayev, Director General of the Central Bank of Azerbaijan (CBA), emphasized that expanding financial accessibility will also support inclusive economic growth. He noted that the issues discussed at the forum would contribute significantly to the development in this direction.
Creating access to credit and capital, alongside establishing an efficient payment services system, will create opportunities for the expansion of small businesses, the creation of new jobs, and the stimulation of economic growth. At the same time, access to insurance services serves as a protective mechanism against unforeseen risks and financial shocks, enhancing the economic security of individuals, said Isayev.
Rashad Khaligov, Deputy Chairman of the Board of the Innovation and Digital Development Agency (IDDA), highlighted that the value of assets managed by investors in Azerbaijan is currently at $35.6 million.
"This year, we plan to increase this amount to 50 million US dollars," he added.
He also pointed out that financial accessibility for startups is still a relatively new trend in the country. "There are currently over 230 startups in the country’s ecosystem, with 50 of them reaching the stage where they are ready for investment.
With the support of IDDA, the 'Caucasus Venture' Fund, which was formed, currently manages assets worth $6.6 million. Last year, the fund invested in 25 startups, with the total investment amounting to approximately $1.5 million," Khaligov explained.
Additionally, Eldar Hamidov, Deputy Chairman of the Board of the Entrepreneurship Development Fund (EDF), shared that the number of applications from entrepreneurs in the liberated territories for guarantees and subsidies has reached 22. The total amount of commercial loans approved for these projects stands at 32.3 million manat ($18.9 million).
Hamidov further emphasized that the fund, which has been working on improving financial accessibility for entrepreneurs for over 30 years, has provided support to nearly 52,000 entrepreneurs through subsidized credit mechanisms.
“The total volume of subsidized loans given to these entrepreneurs exceeds 3.3 billion manats. To accelerate investment in the liberated areas, loans from banks and non-bank credit organizations involved in investment projects in these areas are secured through guarantees and subsidies.
To date, 22 projects from entrepreneurs in these regions have been approved for commercial loans totaling 32.3 million manat [$18.9 million],” Hamidov added.
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