ADB mission reviews microfinance sector in Azerbaijan

/By AzerNews/

By Aynur Karimova

A mission of the Asian Development Bank, headed by Inmaculada Martinez, a specialist in the development of the private sector, reviews the state of microfinance in Azerbaijan.

ADB representation in Azerbaijan told Trend that the visit started on July 7.

"The bank's mission will stay in Baku for two days. As part of the visit, the mission will review the reports on the development of microfinance in Azerbaijan and hold meetings with partners," ADB noted.

The project titled "Development of the microfinance sector in Azerbaijan" was adopted in 2014. Under the project, the ADB has allocated $300,000 to Azerbaijan for technical support, providing assistance to the Azerbaijani government in developing policies and strategies for financial integration and improving regulatory rules.

This policy is expected to make it possible to attract investments in new services such as payments, micro-insurance and new mechanisms for these services.

ADB was founded in 1966 and has 67 members. The bank's headquarters is located in Manila, the capital of the Philippines. Azerbaijan became an ADB member in 1999. The country's share in the bank's capital sat 0.5 percent.

Since 1999, Azerbaijan has received 20 project loans, and 1 project grant totaling $1.64 billion, including 6 non-sovereign loans of $143 million, and $14.4 million in technical assistance grants to support its development programs.

ADB's leading shareholders are Japan and the United States (31.2 percent of the total share capital), India and China (12.8 percent), Australia, South Korea and Canada (16 percent) and so on.