BAKU, Azerbaijan, March 10. The Central Bank of Azerbaijan (CBA) is elaborating financial sector development strategy, Trend reports via the CBA.
The Council for Cooperation with Entrepreneurs, established to further strengthen cooperation between the financial and banking sector and entrepreneurs, and improve business access to financial services, has held a regular extended meeting.
During the meeting, the CBA Governor Taleh Kazimov noted the importance of economic diversification processes in terms of maintaining macroeconomic and financial stability in the country in the medium and long term.
The mentioned strategy reflects priority issues in the direction of solving the problems of the financial sector. In the real sector, especially in regions and rural areas, work continues to expand the access of economic entities to financial resources, the CBA said.
During the meeting, it was noted that the activities of the Council for Cooperation with Entrepreneurs, which is a platform for an active dialogue between entrepreneurs and the financial and banking sector, contribute to the development of manufacturing and services in general.
Moreover, the council’s activities contribute to diversification of the national economy, further acceleration of economic growth in the non-oil sector, creating conditions for improving the access of entrepreneurship entities to financial and banking services.
Besides, the speakers noted the intensification of lending to the real sector, strengthening the activities of investment companies to accelerate the economic development of regions, expanding the coverage of concessional loans, further focusing on the development of small, medium-sized businesses, the real sector, and agriculture, as well as consideration of the use of alternative financial instruments such as Islamic banking.
The simplification of financial and banking services for entrepreneurs, the organization of trainings to improve their financial literacy, as well as discussions with entrepreneurs in the elaboration of relevant bills and amendments, the necessary measures to support the CBA as a regulator, and other issues were put forward.
The importance of informing entrepreneurs about processes in the national economy by the Central Bank, analysis and research results related to their impact was stressed.
In conclusion, Kazimov expressed confidence that in the context of socio-economic reforms carried out in Azerbaijan, business representatives will benefit more from the opportunities created by a strong and stable financial environment.
The meeting was attended by representatives of the National Confederation of Organizations of Entrepreneurs of Azerbaijan, the Azerbaijan Banks Association, the Small and Medium Business Development Agency, the Azerbaijan Microfinance Association, the American Chamber of Commerce in Azerbaijan, the Association of Azerbaijan Travel Agencies and other structures.