(MENAFN- Trend News Agency) BAKU, Azerbaijan, March 10. The Central Bank of
Azerbaijan (CBA) is elaborating financial sector development
strategy, trend reports via the CBA.
The Council for Cooperation with Entrepreneurs, established to
further strengthen cooperation between the financial and banking
sector and entrepreneurs, and improve business access to financial
services, has held a regular extended meeting.
During the meeting, the CBA Governor Taleh Kazimov noted the
importance of economic diversification processes in terms of
maintaining macroeconomic and financial stability in the country in
the medium and long term.
The mentioned strategy reflects priority issues in the direction
of solving the problems of the financial sector. In the real
sector, especially in regions and rural areas, work continues to
expand the access of economic entities to financial resources, the
CBA said.
During the meeting, it was noted that the activities of the
Council for Cooperation with Entrepreneurs, which is a platform for
an active dialogue between entrepreneurs and the financial and
banking sector, contribute to the development of manufacturing and
services in general.
Moreover, the council's activities contribute to diversification
of the national economy, further acceleration of economic growth in
the non-oil sector, creating conditions for improving the access of
entrepreneurship entities to financial and banking services.
Besides, the speakers noted the intensification of lending to
the real sector, strengthening the activities of investment
companies to accelerate the economic development of regions,
expanding the coverage of concessional loans, further focusing on
the development of small, medium-sized businesses, the real sector,
and agriculture, as well as consideration of the use of alternative
financial instruments such as Islamic banking.
The simplification of financial and banking services for
entrepreneurs, the organization of trainings to improve their
financial literacy, as well as discussions with entrepreneurs in
the elaboration of relevant bills and amendments, the necessary
measures to support the CBA as a regulator, and other issues were
put forward.
The importance of informing entrepreneurs about processes in the
national economy by the Central Bank, analysis and research results
related to their impact was stressed.
In conclusion, Kazimov expressed confidence that in the context
of socio-economic reforms carried out in Azerbaijan, business
representatives will benefit more from the opportunities created by
a strong and stable financial environment.
The meeting was attended by representatives of the National
Confederation of Organizations of Entrepreneurs of Azerbaijan, the
Azerbaijan Banks Association, the Small and Medium Business
Development Agency, the Azerbaijan Microfinance Association, the
American Chamber of Commerce in Azerbaijan, the Association of
Azerbaijan Travel Agencies and other structures.
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