Baku, Azerbaijan, Sept. 25
By Eldar Janashvili - Trend:
Creditors in Azerbaijan have filed about 32,000 applications to the movable property registry for a total of about 7 billion manats, Trend reports from the final conference of the International Finance Corporation (IFC) as part of the Azerbaijan and Central Asia Financial Infrastructure Development Project (ACAFI).
"Over the 18 months since the launch of the movable property registry in March 2018, creditors in Azerbaijan submitted applications to the registry to provide loans to 32,000 borrowers representing the segment of small and medium entrepreneurship, as well as natural persons, for a total collateral value of 6.7 billion manats,” Vice President of Economics and Private Sector Development at IFC Hans Peter Lankes said at the event.
According to him, this is a very significant step, indicating that there is a major breakthrough in this market and will help it gain access to much more funding.
Azerbaijan’s State Registry for Encumbrance of Movable Property was created with the aim of developing small and medium-sized businesses (SMBs) in Azerbaijan and access of business to financial resources.
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