Baku, Azerbaijan, Oct.9
By Azad Hasanli - Trend:
The financial sector should play a more active role in Azerbaijan's economic development, Rashad Orujov, executive director of the Central Bank of Azerbaijan said Oct.9.
He made the remarks during the 4th Investors' Fair "On the Pathway to Responsible Microfinance" being held in Baku.
The event organized by Azerbaijan Microfinance Association is being attended by the representatives of government, microfinance institutions, donor organizations, rating agencies, banks, insurance and leasing companies, experts.
During the event, Orujov said that the developments in the global economy pose new challenges for the financial structures of many countries, including Azerbaijan.
"The financial sector has played an important role in the economic development up to the present, however, I believe that it should play a more active role in the new period," he said, adding that in this regard, microfinance organizations are also facing new challenges.
The small and medium-sized business has a considerable share in GDP in many developed countries, said Orujov, adding that this figure reaches 50 percent in many developed economies.
Undoubtedly, expanding the access of microfinance organizations, small and medium-sized business and in general, economic agents to finances is a key to improving their effectiveness and success, he noted.
Rashad Orujov pointed out that the microfinance sector has great potential, however, this sphere requires improvement.
Edited by SI