Azerbaijan talking with foreign investors to attract manat funds to microfinancing
Baku, Azerbaijan, Jan. 9
By Taleh Mursagulov - Trend:
The Azerbaijan Microfinance Association (AMFA) is negotiating to attract manat funds from foreign investors, AMFA Executive Director Jala Hajiyeva told Trend Jan. 9.
"Our main goal is to refinance [microcredit organizations] not with foreign, but with local currency. Therefore, it would be expedient if foreign funds are hedged and only after that come to Azerbaijan," she said, noting that negotiations are currently underway in on this matter.
Hajiyeva further noted that usually in April, investors visit Azerbaijan, and hold meetings with their clients, as well as with potential clients.
"We believe some microcredit organizations will be able to sign refinancing contracts with foreign investors," she said.
Hajiyeva added that AMFA sent its proposals to the Financial Market Supervisory Authority to revise the legislation on non-bank credit organizations (NBCOs), so that the range of services provided by the NBCOs is revised.
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