Official: Restoration of Azerbaijan’s Karabakh to expand SMEs’ access to financing
ECONOMICS 17 May 2022 - 20:38
Chairman of the board of the Small and Medium Business Development Agency of Azerbaijan Orkhan Mammadov has said that the restoration of Karabakh region will be a driving force in expanding the access of small and medium-sized enterprises (SMEs) to finance.
He made these remarks at the EU-Azerbaijan business forum on May 17, Trend reports.
“We expect an increase in the access of SMEs to financing thanks to the reconstruction work in the Karabakh region liberated from the Armenian occupation and its further reintegration into the general economic value chain,” Mammadov said.
The chairman noted the government's efforts in this sphere and added that support for SMEs in Azerbaijan will be strengthened by introducing alternative financing methods in the coming years.
"The Azerbaijani government and international financial institutions have made significant efforts to expand SMEs' access to financing over the past ten years," Mammadov said.
The chairman added that a number of state funds and institutions have been established to support SMEs with soft loans and guarantees, as well as the Azerbaijan Credit Bureau to support credit risk management.
Mammadov added that according to the OECD report on SME Policy Index: Eastern Partner Countries 2020, a number of indicators, such as the banking regulatory framework, the coverage of credit information systems, the development of movable collateral registries, etc., have recently improved in Azerbaijan.
“The Small and Medium Business Development Agency, together with other state agencies, supports the development of SMEs and takes various measures to increase their contribution to the general economic growth. The improvement of the SMEs’ access to financing is one of the strategic spheres of our activity,” chairman said.
Caliber.Az
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