Azerbaijan adopting the legislative regulation of the secured deals will trigger revolutionary changes in the credit market of the country, Muhammad Guneid, Head of ACDI/VOCA Baku Representative Office, said today, Trend reports.
Presentation of Bill On Secured Deals and establishing a Movable Property Register has been held today. The event was held within a project on the development of the financial sector through maintaining the small-scale and medium entrepreneurship being implemented under the financial support of USAID (United States Agency for International Development), and under the organizational support of organization ACDI/VOCA.
The presentation was presented by a specialist of the Organization Eveler Volers, who has 30-year experience in the development of the legislation in this field. As a consultant, he worked in USA, Egypt, Cambodia, Vietnam, Georgia, China, Russia, Palestine, etc.
The consultant analyzed the Azerbaijani legislation and came to conclusion that Bill On Deposit of 1998 has lots of contradictions, and that Bill On Mortgage could not help in this issue as well. The enactment being put forward must totally substitute Bill On Deposit. At the same time, a working group, which is to prepare proposals on moving alteration and bringing other enactments to the accordance, has been built up.
That was the second event that is the continuation of the seminar held in May, 2006. The main aim of a USAID project is to improve the legal and regulating field in the financial sector of the country through simplifying the way of receiving a capital in the country.