ACDI VOCA Ready to Assist in Improving Azerbaijan’s Leasing Legislation

Business Materials 10 April 2007 20:05 (UTC +04:00)

Azerbaijan, Baku/ Trend , corr. I. Khalilova/ Azer Mammadov, the Vice President of the Azerbaijan Association of Leasing Companies, said that the association is preparing a new edition of the Bill - "On Leasing". The previous legal enactment, which has been in force since 1993, has been canceled. According to him, it is more difficult to correct the corresponding items of the Civil and Tax Codes than to raise a new bill. Moreover, it should be done on the basis of the previous one, since it had been properly prepared.

"I have held negotiations with the Head of ACDI VOCA Azerbaijan, and this international organization has expressed a readiness to assist us in this issue. Moreover, it has appropriate experience in the elaboration of the Draft - "On Micro Financing"," considers Mr. Mammadov.

The necessity in improving the leasing legislation lies in the fact that to date, there have been a lot of types and sub-types of leasing, which are not reflected in Azerbaijani legislation, therefore leasing companies operating in the country face troubles in applying them. However, the new Bill - "On Leasing" will allow Azerbaijan to closely approach the world's best innovations and practices, applied worldwide.

"This bill will allow us to put these ideas into practice," considers Mr. Mammadov.