ADB will help reveal potential of Azerbaijani microfinance market

Business Materials 2 October 2013 17:28 (UTC +04:00)

Azerbaijan, Baku, Oct. 2 / Trend A. Akhundov /

The Azerbaijan Microfinance Association (AMFA) hopes to start implementing the Asian Development Bank's project (ADB) to support the market in 2014, AMFA executive director Jhale Hajiyeva told Trend today.

Earlier, ADB announced plans to provide technical assistance on the development of the microfinance sector in the country. Technical assistance worth $300,000 will be directed to increase the low-income individuals and small business opportunities to financial services and improve the regulatory and supervisory framework in the microfinance sphere.

According to Hajiyeva, the project is important from the point of view of the market analysis and examination of its potential.

The technical assistance envisages preparing a report to examine the situation with financial inclusiveness and relevant assessments. Included will be the submission of a 'road map' for executing a strategy to expand access to financial services to the Central Bank of Azerbaijan and other organisations. Rendering technical assistance services will require the facilities of three international and two national consultants.