Azerbaijan, Baku /corr. Trend U.Ismaylova / The Association of Leasing Companies of Azerbaijan and ACDI/VOCA reached an agreement on joint development of the legislative acts regulating the leasing operations in the Azerbaijan market, said the Executive Director of the Association, Natig Zeynalov, on 26 September.
Currently there is no Law on Leasing in Azerbaijan and the leasing market is regulated by the Civil Code. The Chairman of the Association's Executive Board, Azer Mammadov, said that the Association refused to devise a new Law on Leasing because its development and adoption require too much labor and time. Instead, the Association plans to devise special legislative acts.
According to him, a program of joint work between the Association and the ACDI/VOCA will be discussed at the Association's general meeting on 28 September. In addition, the meeting will cover the items of the Civil Code which regulates the leasing market of Azerbaijan.