IFC helps European, Central Asian policymakers to study best practices in microfinance regulation

IFC helps European, Central Asian policymakers to study best practices in microfinance regulation

Azerbaijan, Baku, September 8 / Trend /

IFC, a member of the World Bank Group, is helping improve the legal and institutional framework for microfinance in Europe and Central Asia to increase access to finance for microentrepreneurs and general population.

To support this effort, IFC has organized a study tour in Mongolia on microfinance-related policy for policymakers from Azerbaijan, Bosnia and Herzegovina, Kazakhstan, Kyrgyz Republic, and Tajikistan. The tour, from October 12 through October 14, will acquaint policymakers with international best practices and enable them to further improve the legal framework in their respective countries. It is supported by the Ministry of Foreign Affairs of the Netherlands and led by the IFC Azerbaijan & Central Asia Microfinance Transformation Support Project.

"IFC encourages improvements to the microfinance regulatory framework to help microentrepreneurs and the population get access to finance," said Rolf Behrndt, Regional Business Line Leader for Financial Markets of IFC Advisory Services in Eastern Europe and Central Asia. "Mongolia is an excellent example to show to the government and central banks' officials how their countries can benefit from a well-developed microfinance sector and how local microfinance institutions can diversify and expand financial services to their customers through a successful transformation into a bank."

During the tour, participants will study a successful transformation of a microfinance institution into a bank, best practices and innovations in the microfinance sector, as well as meet with senior government officials of Mongolia. They also will be the first to get results of a report, Comparative Analysis of Policy Frameworks and Regulation of Selected Countries: A Transformation Perspective, initiated by IFC.

The report analyzes to what extent the regulatory framework in Azerbaijan and Central Asia is conducive to transformation of microfinance institutions into microfinance banks. The report complements the study tour and supports the ongoing dialogue and evolution of the legislative frameworks in Central Asia and Azerbaijan.

A well-developed microfinance sector is an important engine for private sector growth and poverty reduction. Yet more than 3 billion people in developing countries have little or no access to financial services. IFC works to improve the livelihoods of people living in emerging markets by expanding financial inclusion and increasing access to finance for the poor.

IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in developing countries. We create opportunity for people to escape poverty and improve their lives. We do so by providing financing to help businesses employ more people and supply essential services, by mobilizing capital from others, and by delivering advisory services to ensure sustainable development. In a time of global economic uncertainty, our new investments climbed to a record $18 billion in fiscal 2010. For more information, visit www.ifc.org.

Easing monetary policy contributes to multiple growth in money supply in 2020 - CBA
Easing monetary policy contributes to multiple growth in money supply in 2020 - CBA
Standard & Poor's predicting growth in Azerbaijani Pasha Bank's 2021-22 capitalization
Standard & Poor's predicting growth in Azerbaijani Pasha Bank's 2021-22 capitalization
Azerbaijani population’s nominal income down in 2020
Azerbaijani population’s nominal income down in 2020
Loading Bars
Latest
Two megaprojects to be launched in Iran’s petrochemical sector
Czech parliament extends state of emergency until Feb. 14
Vehicle re-export from Georgia down in 2020
Azerbaijan unveils data on production of vehicles for 2020
France boosts imports of petroleum oils from Kazakhstan
Turkish firm develops quick sterilization device against COVID-19
For many years, Turkmenistan and Azerbaijan consistently developing relations in widest range of directions - President of Turkmenistan
Signing of Memorandum marks fundamentally new stage in energy cooperation between Turkmenistan and Azerbaijan in Caspian Sea - President of Turkmenistan
Transport and logistical cooperation between Azerbaijan, Turkmenistan will reach even higher level - President Aliyev
Signing of Memorandum on “Dostlug” field is result of many years of consistent action by our countries - President of Azerbaijan
Caspian Sea is sea of peace and good neighborliness - President of Azerbaijan
Signing of memorandum on “Dostlug” field is significant event that will have positive consequences - President Aliyev
Today's signing ceremony opens new page in development of Caspian's hydrocarbon resources - President Aliyev
Iranian government hopes for changes in new budget bill
Azerbaijan, Turkmenistan starting joint work on development of field in Caspian Sea for first time - President Aliyev
Russia remains key consumer of Uzbek vegetables and fruits
Georgia increases oil imports from Azerbaijan
Iran exports 12m euros worth of fibers in eight months
Azerbaijan plans to hold first auction on renewable energy sources this year
Easing monetary policy contributes to multiple growth in money supply in 2020 - CBA
Azerbaijan suspends import of live poultry and poultry products from several countries
Pashinyan's confession on Shusha destroys absurd statements of Armenian officials
Anglo Asian Mining restores its contract areas in formerly occupied lands of Azerbaijan
Half of Azerbaijan's population economically active as of 2020
Azerbaijan disseminates footage from Kendyeri village of Kalbajar district (PHOTO/VIDEO)
TANAP’s gas supplies exceed 9 bcm
U.S. weekly jobless claims decline moderately
Georgian Sweeft Digital company to cooperate with Berlin-based software company in open banking field
Flydubai resumes flights to Georgia
Construction of KAMAZ service centers in Turkmenistan to allow implementation of new projects
SOCAR Aviation starts supplying fuel to Izmir Adnan Menderes Airport
Standard & Poor's predicting growth in Azerbaijani Pasha Bank's 2021-22 capitalization
Turkish YDA Holding constructing multidisciplinary hospital in North Kazakhstan
Total cost of cars exported by Georgia to Azerbaijan down
Reforms in real sector of economy to be main drivers of Uzbekistan’s economy in 2021
Georgia reduces imports of building materials from Azerbaijan
Iran's Sefiddasht-Shahrekord railway project progressing
Azerbaijani population’s nominal income down in 2020
Kazakhstan decreases petroleum oils export to Lithuania amid COVID-19
Azerbaijan confirms 770 more COVID-19 recoveries
No Tsunami risk after 7.0 magnitude quake at sea near Philippines
Number of new apartment transactions down in Georgia's Tbilisi - Colliers International
Azerbaijan shows footage from Dordchinar village of Fuzuli district (PHOTO/VIDEO)
KAMAZ, Turkmenistan work to expand supply, technical support of vehicles in country
Asset quality of Georgian TBC Leasing' deteriorates in 9M2020
Samarkand region leads in total production volume of Uzbekistan’s agriculture, forestry and fisheries fields
Georgia reduces export of cattle to Azerbaijan
Volume of passenger traffic by all vehicles in Azerbaijan down
Azerbaijani minister denies possibility of selling SOCAR’s shares
Azerbaijani ministry talks about project of North-South international transport corridor
Azerbaijan sees decline in 2020 alcoholic, tobacco production
Azerbaijan records slowdown in cargo movement by all types of transport
Kazakhstan amending agreements on int'l road traffic with Georgia
Volkswagen faces EU fine for missing 2020 emissions targets
EBRD supports Georgian currency and capital markets dev't to promote economic resilience
Kazakhstan's revenue from maritime cargo transport surges
Data on 2020 cargo traffic via TRACECA's Azerbaijani segment revealed
Azerbaijan appoints new coach for Women's Artistic Gymnastics national team
Dostlug field to help develop Azerbaijan’s petrochemicals industry – Bryza
Kazakhstan meets local demand in meat by boosting annual production
Azerbaijan reveals 2020 maritime cargo handling figures
Azerbaijani citizens arrested in Libya set free, return home
Azerbaijan discloses amount of Kapital Bank’s deposits accounting for legal entities
Uzbekistan reports increase in cars imports for 2020
Net profit of Georgian commercial banks down
Rehabilitation of tea plantations to enter active phase in 2021 in Georgia
Azerbaijan to make environmental monitoring by UAVs in liberated territories
Azerbaijan - one of most secured countries in CIS with int'l reserves - Gazprombank
Azerbaijan uses innovative method of covered wagons to import Turkish products (PHOTO)
Kazakh, Uzbek companies agree on joint manufacturing of kitchen stoves, water heaters
Iran reveals COVID-19 data for January 21
Azerbaijan Industry Bank’s total assets down in 2020
Iran’s NISOC boosts oil extraction
Uzbekistan’s Central Bank keeps base rate unchanged
Georgia’s beer export to Azerbaijan down
Bitcoin slumps 10% as pullback from record continues
Azerbaijan, Turkmenistan sign memorandum on joint development of Dostlug field
Azerbaijani, Turkmen FMs talk significance of joint collaboration on Caspian Sea (PHOTO)
Kazakhstan taking measures to boost investments co-op with IFC
Iran’s Bahar Azadi gold coin price continues to rise
Turkmenistan considers co-op with number of Austrian pharmaceutical companies
State Commercial Bank Turkmenistan opens tender for consulting services
Iran launches mega refinery project
Important facilities to be upgraded in Iran's Razavi Khorasan Province
Georgian medicine export to Azerbaijan decreases
MoU on Dostluk oil & gas field is new milestone in dev’t of Azerbaijan-Turkmenistan ties - SOCAR
Azerbaijan increases gas export along Baku-Tbilisi-Erzurum route
Azerbaijan discloses total capital of ASB Bank
Azerbaijani banks buy more foreign currency at CBA's auction
Uzbekistan reveals share of retail trade turnover in 2020
Kazakhstan’s only lowcoster launching flights on more new routes
Uzbek-Korean JV to buy electric motor via tender
Azerbaijani ASB Bank reveals its 2020 net income
Azerbaijani SOCAR suspends work offshore, open onshore areas due to bad weather
China remains Uzbekistan’s main trade partner in 2020
Precious metal prices up in Azerbaijan
Turkmenistan bank opens tender for audit
Azerbaijan to open bus routes to Shusha and other liberated lands
Demand for notes of Azerbaijani Central Bank significantly exceeds supply
Azerbaijan looking to create favorable conditions for Turkish investors
All news