ABD to support Azerbaijan’s insurance market development

By Azernews

By Ayya Lmahamad

The Asian Development Bank will support the development of the insurance market in Azerbaijan.

The meeting dedicated to this issue was held between Azerbaijan’s Insurers Association management with the Head of the Permanent Mission of the Asian Development Bank (ADB) in Azerbaijan Candice McDeigan.

The two entities will exchange information on the insurance sector as the bank will give technical support for identifying problems in the insurance market as well as solutions to ensure further development of this sector, McDeigan said.

In turn, Association’s Executive Director Elmar Mirsalayev informed the participants about its activities, the current situation in the local insurance market and development prospects.

Highlighting that the sector is at a new stage of development, he noted that there are a number of issues that need to be solved within the current market conditions.

Azerbaijan has been a member of the Asian Development Bank since 1999. Since then, the bank has committed $4.4 billion in loans, $32.28 million in technical assistance projects, including ADB-administered co-financing for Azerbaijan.

It should be noted that earlier, ADB forecasted 1.9 percent GDP growth in Azerbaijan’s economy for 2021.