Azerbaijan, Baku, April 30 / Trend, A. Akhundov /
To date, the Swiss government has allocated grants totaling more than $ 83 million to Azerbaijan, deputy regional director of the State Secretariat for Economic Affairs (SECO) for the South Caucasus Mathias Feldman said during a speech at the conference on "Credit Bureau" in Baku on Tuesday. The conference was organized by the International Finance Corporation (IFC) and SECO.
"Switzerland attaches great importance to cooperation with Azerbaijan, in particular, in support of efforts to diversify the economy and financial sector development," Feldman said.
According to him, availability of quality mechanisms to collect and store data on loans, lenders and credit history is important to preserve the stability of the financial sector.
"Private credit bureaus are important not only for the sector and banks, but also for customers. Countries with good credit bureaus have more opportunities to provide cheaper and more available credit," Feldman said.
He said the work on the creation of the first bureau in Azerbaijan is in full swing, but there is still much to be done in this area.
"The first priority for today is to complete the draft law on private credit bureaus, and secure its adoption," Feldman said.
The conference is being organized within the framework of the IFC project to strengthen financial infrastructure in Central Asia and Azerbaijan (ACAFI).