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US Ambassador Anne Dersi: Azerbaijan must endorse the passage of non-bank financial institution and credit bureau laws

16 September 2008 10:53 (UTC +04:00)

Baku. Tamara Grigoryeva-APA. â€œThe Government of Azerbaijan is working to improve the climate for micro-finance. In our view, Azerbaijan must endorse the passage of non-bank financial institution and credit bureau laws and develop and approve a comprehensive credit union law. The technical capacity of micro-finance institutions must continually improve. We are committed to joining you in these efforts,â€ said the U.S. Ambassador to Azerbaijan Anne Dersi at the opening of the Azerbaijan Micro-Finance Association 4th Conference in Baku.
According to her, micro-finance development ensures financial support to underserved and excluded members of society and also spurs development of small businesses.
â€œThe development of a robust micro-finance system can develop mechanisms for the poor and middle class to access some of this new wealth in Azerbaijanâ€™s economy. We know that it is small and medium businesses, not large corporations that drive employment, growth and development. Azerbaijan is at a crucial turning point in its history. Driven by the growth of oil and gas revenues, the economy has experienced one of the worldâ€™s highest growth rates, while experiencing a notable decline in poverty rates,â€ she added.
The United States and the United States Agency for International Development are working closely with the Azerbaijan Government and with major donors to promote key macro-economic and structural reforms.
The ambassador added that her government was delighted to see that Azerbaijan was named number one economic reformer in the world by the World Bank.
â€œWe congratulate you on your extraordinary achievement. This ranking has caught the eye of the international business world, and will spur important new foreign and domestic investment, creating new jobs and economic growth,â€ she said.