The Asian Development Bank (ADB) plans to continue supporting the development of Azerbaijan's microfinance sector, expanding financial inclusion, and financing small businesses, ADB Country Director for Azerbaijan Sunniya Durrani-Jamal said in a video address to the 12th Azerbaijan Microfinance Conference, APA-Economics reports.
According to her, ADB has supported the development of financial inclusion strategies and the improvement of the regulatory framework for the microfinance sector in cooperation with the Central Bank of Azerbaijan.
S. Durrani-Jamal noted that the bank also contributes to expanding financing for micro, small, and medium-sized enterprises. Financing mechanisms such as providing loans to local financial institutions are used in this regard.
The ADB official stated that the Central Bank's strategic framework for the microfinance model provides an important foundation for the sector's next stage of development.
According to her, the main priorities under the new model include legal and regulatory reforms, institutional development, diversification of funding sources, expansion of risk-sharing mechanisms, and digitalization of processes.
S. Durrani-Jamal emphasized that these measures will help increase the sustainability of the microfinance sector and expand entrepreneurs' access to financial resources.
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