EBRD's allocations for Azerbaijani SMEs made public
With over 294 million euros of finance, the European Bank for Reconstruction and Development (EBRD) has been backing the growth of small and medium-sized enterprises (SMEs) in Azerbaijan for decades.
The funds were allocated via direct financing and lending through local banks.
EBRD noted that helping diversify the Azerbaijani economy beyond the energy sector is a priority.
“Since 2003, more than 850 SMEs in Azerbaijan have received advisory services, boosting their competitiveness. The EBRD tools to assist SMEs to reach their potential include specific priority areas such as accounting improvement, through helping SMEs secure investments, export promotion training to help them conquer new markets, and the Women in Business program, aimed at providing financing and advice to companies that are managed by female entrepreneurs.”
“In Azerbaijan, the EBRD has also provided 233 million euros in indirect finance, supporting an SME lending portfolio of our partner banks reaching over 94,000 micro, small and medium-sized enterprises annually,” the EBRD said.
Azerbaijan has been a member of EBRD since 1992. Since then, the bank has invested more than $2.8 billion in 161 projects in Azerbaijan’s financial, corporate, infrastructure and energy sectors.
Azerbaijan to create center for preventing illegal employment
A center for preventing illegal employment will be established in Azerbaijan, said Ali Ahmadov, the country’s deputy prime minister and chairman of the Commission for Regulation and Coordination of Labor Relations.
He made the remarks at a conference titled “Formal Employment as a Condition to Implementation of Social Rights” in Baku.
Ahmadov noted that the center will operate under the Commission for Regulation and Coordination of Labor Relations. In this regard, international experience will be studied, added the deputy prime minister.
The Commission for Regulation and Coordination of Labor Relations was established by a decree of Azerbaijan’s President Ilham Aliyev in March. The commission is headed by Deputy Prime Minister Ali Ahmadov.
The commission also includes Minister of Labor and Social Protection of Population Salim Muslumov, Minister of Taxes Fazil Mammadov, Minister of Economy Shahin Mustafayev, Chairman of State Statistics Committee Tahir Budagov, Chairman of Azerbaijan Trade Unions Confederation Sattar Mehbaliyev, and Chairman of National Confederation of Entrepreneurs (Employers) Organizations of Azerbaijan Mammad Musayev.