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Monday, October 23, 2017

Asian Development Bank allocates $300,000 to develop Azerbaijan's micro-finance sector

The Asian Development Bank (ADB) recently allocated $300,000 in technical assistance for the development of Azerbaijan's micro-finance sector.

"The money will expand the access to financial services for individuals with low income and small enterprises. It will improve the regulative and supervisory framework for micro-finance," the bank said, according to AzerNews.

An additional $300,000 will be allocated by the Financial Sector Development Partnership Fund, which operates under the ADB and is supported by the government of Luxembourg.

"ADB will assist Azerbaijan in development of the policy and strategy on financial inclusiveness, improvement of the situation related to the accessibility of information. It is expected that this policy will attract strategic investments in new services in the sphere of payment, saving, micro-insurance, micro-leasing, branchless banking and so on," the ADB said, AzerNews reports.

Established in 1966, the ADB is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. The bank is owned by 67 members, including 48 from the region. In 2012, ADB's assistance totaled $21.6 billion, including co-financing $8.3 billion.

Azerbaijan has a 0.5 percent share in the bank's capital.