12:44 - 23.10.2024

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October 23, Fineko/abc.az. It is planned to create a new microfinance model in Azerbaijan.

ABC.AZ reports that CBA general director Togrul Aliyev said about this on Wednesday in Baku at conference "Innovative Solutions for Sustainable Microfinance".

He added that this is envisaged within Financial Sector Development Strategy 2024-2026.

"Based on international best practices, it is planned to create an opportunity for institutions operating in the new microfinance sector to provide additional financial services and thereby increase their competitiveness. Undoubtedly, development of micro and small businesses in our country is at the center of these initiatives. The strategy stipulates projects such as the study of sustainable microfinance and NGO models, strengthening microfinance institutions, improving business models, implementing relevant initiatives, developing legal and regulatory mechanisms, and diversifying funding sources. Our strategy is currently being implemented. We believe that as a result of our joint efforts, the sustainability of the microfinance sector will be ensured," Aliyev said.