BAKU, Azerbaijan, May 2. The Central Bank of Azerbaijan (CBA) has announced the "Strategic Framework for the Microfinance Model" document, a source in the CBA told Trend.
The document defines the initiatives intended to increase the role of the microfinance sector in financing self-employed individuals and micro, small and medium-sized businesses, as well as supporting economic growth as a whole.
The strategic framework document covers priorities for strengthening the legal and regulatory framework for microfinance, introducing the concept of microcredit into legislation, institutional development of non-bank credit organizations, and diversification of financing sources, as well as strengthening risk-sharing mechanisms.
Moreover, the document also reflects priorities for improving the identification system for self-employed people and family farms.
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