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Azerbaijan's Finance for Development NBCO talks its activities during quarantine

Finance Materials 14 May 2020 18:14 (UTC +04:00)

BAKU, Azerbaijan, May 14

By Fidan Babayeva - Trend:

The Finance for Development Non-Bank Credit Organization (NBCO) of Azerbaijan has joined the initiative to support the Coronavirus Response Fund and demonstrated its commitment to social responsibility principles, Chairman of the Board of the Finance for Development Jalal Aliyev told Trend.

Appropriate steps have been taken towards meeting the needs of low-income families, he said.

As part of the event on providing credit organizations with regulatory vacation in order to regulate the obligations of entrepreneurs working in the areas affected by the pandemic, during the quarantine regime, the Central Bank of Azerbaijan (CBA) adopted a corresponding decision taking into account the recommendations of the Financial Stability Board of Azerbaijan, Aliyev added.

Aliyev noted that the work on implementing these decisions in relation to NBCOs is currently underway.

“Moreover, we also apply mechanisms such as restructuring, deferred payment, refinancing, if they are required by borrowers working in areas affected by the pandemic and during the quarantine regime,” the chairman said.

“Even before the applying of restrictions on international flights, the closure of educational institutions and other precautions, the Finance for Development limited its activities. Thus, we have limited and reduced lending, taking into account the demand of the population for foreign currency,” Aliyev emphasized.

“Taking into account the measures taken by the government due to the COVID-19 pandemic, on March 16, 2020, the NBCO created the conditions for employees to work from home. A limited number of employees had a short working day at the offices and branches of NBCO to meet with customers and answer their questions. Restrictions were also tightened during the quarantine. After launching the permission system, we continued to work with fewer employees. During this period, lending was practically not carried out,” said the chairman.

Finance for Development NBCO is a credit organization created by the Oxfam international humanitarian organization (UK) to provide financial services on a permanent basis to working people who do not have access to alternative financial services.

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