IFC Works To Improve Access To Digital Financial Services For Individuals, Smes In Azerbaijan Regional Manager
(MENAFN- Trend News Agency)
BAKU, Azerbaijan, May 4. The International
Finance Corporation's (IFC's) Electronic and Digital Financial
Services project—implemented in partnership with the Swiss State
Secretariat for Economic Affairs SECO—works to promote financial
inclusion by improving access to digital financial services for
individuals and SMEs in Azerbaijan, Ivana Fernandes Duarte, IFC's
Regional Manager for the South Caucasus said in an exclusive
interview with Trend.
She noted that the government of Azerbaijan, with advice from
IFC, implemented a series of regulatory reforms to improve the
country's financial infrastructure and expand access to finance for
small businesses.
'It also adopted a modern law on credit bureaus, which led to
the creation of the first private credit bureau in 2018, helping
improve credit information, reducing risks for financial
institutions, and boosting lending.
IFC also helped develop a secured transactions law that allows
small businesses, which often lack assets like real estate, to use
their movable assets—inventory, accounts receivable, and
equipment—as collateral. The reform helped create a movable
collateral registry. Driven by the Azerbaijan Financial
Infrastructure Advisory Services project, it was a 10-year effort
implemented in partnership with SECO,' added Duarte.
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