BAKU, Azerbaijan, July 2. The financial sector holds a key role in backing the transition to a sustainable economy, Deputy Chairman of the Board of the Central Bank of Azerbaijan (CBA) Aliyar Mammadyarov said at the "Green Economy as an Alternative for Economic Development" discussion panel, Trend reports via CBA.
Speaking about the development of green finance, Mammadyarov emphasized that transitioning to a sustainable economy has become a necessity, with the financial sector playing a crucial role in supporting this process.
He also highlighted the strategic initiatives implemented by the Central Bank to build a functional ecosystem for green finance.
To note, currently, the delegation of CBA is in Tajikistan and has already held a meeting with the leadership of the country's National Bank.
During the meeting, the parties discussed the development of bilateral cooperation, which was supported by the signing of memoranda of cooperation.
The bank heads also discussed expanding cooperation within the banking sector and affirmed their commitment to advancing to a new level of collaboration.
They emphasized the importance of creating favorable conditions for opening Azerbaijani banks or their representative offices, expanding correspondent relations between commercial banks in both countries, sharing expertise in banking supervision and insurance, developing the capital market, and implementing international standards for financial reporting as the next priorities in bilateral relations.
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