Baku, Azerbaijan, April 20
By Azad Hasanli - Trend:
Savings Banks Foundation for International Cooperation of Germany (SBFIC) plans to start implementing a new phase of the project on responsible financing, financial literacy and consumer rights protection in Azerbaijan, a source in the Azerbaijani government told Trend April 20.
In the near future, the SBFIC plans to sign a corresponding contract with the Central Bank of Azerbaijan, according to the source.
The source noted that the contract, which is planned to be signed within a month, is being prepared.
The new phase of the project has been fully developed in accordance with Azerbaijan’s strategic roadmaps and involves expanding the coverage of educational work, the source added.
The project’s implementation will begin this year and will end in 2021. The Azerbaijan Banks Association, the Azerbaijan Micro-finance Association, the country’s Education Ministry, the Financial Market Supervisory Authority, the Central Bank of Azerbaijan and other structures will provide support in the implementation of the project.
Regarding the cost of the project, it has not yet been determined, the source added.
“The Baku office of the SBFIC has already received a part of the funds to start implementing the project, but it is expected that the project’s entire budget will be approved after July 1, 2018,” the source said.
The project on responsible financing, financial literacy and consumer rights protection includes the development of country strategies on financial literacy, creation of balance between banks and a borrower in lending issues, as well as improving efficiency of banks, organizing various courses and seminars, expanding the range of financial services, in particular in the countryside.