Baku, Azerbaijan, May 1
By Azad Hasanli – Trend:
Azerbaijan's Financial Markets Supervisory Authority (FIMSA) may complete the development of a new legislation to regulate the leasing market by the end of this year, a source in the country’s government told Trend May 1.
“The legislation also envisages the supervision by FIMSA,” the source added. “The development of legislation was launched in 2017 as part of an agreement signed by FIMSA and the International Finance Corporation (IFC).”
"Today, the leasing market is almost not regulated in Azerbaijan,” the source said. “There are several points and provisions in the Civil Code that cover the activity of leasing companies. However, there is no comprehensive legislation in this area. As a result, the market, which cannot develop because of that, suffers itself."
According to the source, IFC renders technical assistance in development of the legislative framework.
"IFC has the necessary experience with leasing companies in Azerbaijan, so it will be able to help create effective legislation in this area," the source said.
Azerbaijan has been cooperating with IFC since 1995. IFC’s portfolio on Azerbaijan exceeds $400 million and those funds were allocated for implementation of more than 70 projects.
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