(MENAFN- AzerNews)
Qabil Ashirov read more A conference on 'Prospects for the development of alternative
financial markets in Azerbaijan,' organized by the Small and Medium
Business Development Agency (SMBD) and the United States Agency for
International Development (USAID) was held in Baku.
Azernews reports that a total of 200 people,
the representatives of local and international institutions and the
private sector in the field of finance and banking participated in
the event. At the event, the financing of SMEs, alternative
financial instruments and international experience in this field,
possibilities of applying alternative financing mechanisms in
Azerbaijan were discussed.
Delivering an opening speech, the chairman of SMBD Orkhan
Mammadov said that SMEs account for approximately 50 percent of the
gross domestic product in developed economies and 35 percent in
developing economies, and provide 60-70 percent of total
employment.
“More than 99 percent of business entities operating in
Azerbaijan are SMEs. As in the whole world, entrepreneurs in
Azerbaijan prefer banks as a source of financing. Expanding the
financing opportunities of SMEs and applying alternative financial
instruments in this area are among the priorities of the activity
of the SMBD,” Orkhan Mammadov noted.
He pointed out that the purpose of the event organized jointly
with USAID is to discuss the international experience in the field
of expanding the financial accessibility of SMEs and the
possibilities of applying alternative financial instruments in
Azerbaijan.
Then Michael Nehrbass, USAID Mission Director for Azerbaijan,
made a speech and said that agriculture in Azerbaijan has great
potential and USAID is ready to cooperate with SMBD in this
field.
He noted that agriculture can create many jobs and this is why
financing SMEs is very important.
Furthermore, Inara Valiyeva, the head of the Innovation and
Digital Development Agency under the Ministry of Digital
Development and Transport, shared her views on the activities of
the agency that she represents and the support she provides to
start-ups, and Zakir Nuriyev, the president of the 'Azerbaijan
Banks Association', shared his views on alternative financing.
Besides that, panel discussions were organized within the
framework of the forum on the topics 'Islamic banking and
microfinance, including prospects for development in Azerbaijan',
'SME support tools: Guarantee, Asset-based financing and Leasing'
and 'The importance of the development of the startup
ecosystem'.
Moreover, local and international experience and future
development prospects are exchanged in the panel sessions.
---