Swiss ambassador: Azerbaijan’s financial market needs reforms (UPDATE)
Details added (first version posted at 13:44)
Baku, Azerbaijan, Oct. 6
By Azad Hasanli – Trend:
Reforms aimed at providing cheaper and more innovative products to Azerbaijan’s population are needed to address the difficulties observed on the country’s financial market, Ambassador of Switzerland to Azerbaijan Philipp Stalder said.
He made the remarks Oct. 6 at the 8th Azerbaijan Microfinance Conference in Baku.
Stalder said that special attention is currently paid to creation of private credit bureaus and registry of movable property within the framework of structural reforms in Azerbaijan’s financial and banking system.
In turn, Executive Director of the Azerbaijan Microfinance Association (AMFA) Jala Hajiyeva noted high interest of foreign investors for the country’s microfinance market.
“Azerbaijan’s microfinance market continues to attract the interest of new investors, in particular, a group of Islamic Development Bank (IDB) carries out the study of the local market,” she said. “Businessmen from the former Soviet countries also show interest, and they offer to introduce new business models in Azerbaijan.”
Azerbaijan’s capital hosts the 8th Microfinance Conference titled “New Opportunities on the Horizon: Translating Challenges into Perspectives” October 6-7. Over 100 representatives of Azerbaijan’s financial sector and other countries are taking part in the event.
During the two days, participants will discuss challenges of microfinance organizations, managing problem loans, improving financial literacy, healthy lending and other issues.
The event is organized with the support of PASHA Bank, European Union, Asian Development Bank, the European Fund for Southeast Europe (EFSE), FINCA, Aqrarkredit and others.