New World Bank initiative targets SME growth in Azerbaijan

The Central Bank of Azerbaijan (CBA) and the World Bank have held discussions on expanding financing opportunities for small and medium-sized enterprises (SMEs) as part of broader efforts to enhance financial inclusion and support sustainable economic growth.

The talks took place during a meeting between the bank's leadership and representatives of the World Bank's Financial Inclusion for Growth (FINGROW), Caliber.Az reports per local media.

The meeting focused on the objectives and scope of the FINGROW program, the measures envisaged under the initiative, and the role of the Central Bank in supporting its implementation.

The participants also exchanged views on the program's potential contribution to expanding financial access across Azerbaijan, increasing financing opportunities for SMEs, promoting the wider use of digital payments, deepening financial inclusion, and strengthening the country's credit guarantee mechanism.

FINGROW is a multi-phase World Bank initiative covering the Europe and Central Asia region. The program is designed to promote entrepreneurship, create new jobs, and foster sustainable economic growth by improving access to financial resources for businesses and individuals.

By Vafa Guliyeva