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 Press release - US-funded Project Holds Seminar on Non-bank Sector in Azerbaijan (ACDIVOCA)

 Press release date: 13.03.2006

FOR IMMEDIATE RELEASE

March 10, 2006
SME Support through Financial Sector Development
ACDI/VOCA Implemented Project
Office: 598-1243/44
Email: sme_finance@acdivoca.org.az
http:// www.smefinance.az

US-funded Project Holds Seminar on Non-bank Sector in Azerbaijan

 

USAID initiated the new SME Support through Financial Sector Development Project in Azerbaijan in September 2005 and entrusted its realization to ACDI/VOCA, the US non-profit international organization that has a broad experience in development of SMEs around the world.

As the project aims at improving the legal and regulatory environment for non-bank financial institutions working in Azerbaijan , the seminar Regulation of Non-bank Financial Sector in Azerbaijan was held on March 7, 2006 in International Press Center , Baku . Officials from government agencies, NBFIs and donor organizations gathered in order to discuss legal and regulatory obstacles that Azeri NBFIs encounter now, ways to improve investment climate for these organizations as well as to adopt international best practices in this field.

Muhammad Junaid, Chief of Party of the project, told the audience about the importance of development of NBFIs in Azerbaijan that has already achieved substantial progress in providing financial services to Azeri population, especially in the regions. Project's lawyers presented their reports regarding current legal environment for NBFIs in Azerbaijan and pros and cons of prudential and non-prudential regulation of this sector.

After the representative of Azerbaijan Microfinance Association spoke about the achievements of this organization, officials from the National Bank of Azerbaijan and the Ministry of Economic Development also informed the audience about their views regarding the development of this sector in the country. A specially invited guest speaker from Kyrgyzstan , told participants about past and current situation with NBFIs in this Central Asian republic and what amendments to the Kyrgyz microfinance law the interested stakeholders would like to make.

This seminar is the first in the series of events the project plans to undertake in order to enlighten the Azeri stakeholders about the current trends in regulating the NBFIs in different developing countries.

USAID-funded 3-year project aims at cooperation with the Government of Azerbaijan, banks and non-banking financial institutions, international donor organizations and legal entities to increase access to credit for small and medium enterprises (SMEs) in the country.



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