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.
- Baltic International Bank launches investment packages
- Bank St. Petersburg hosts event for 10-year anniversary of its IPO
- European Investment Bank, ABN Amro sign agreement to support green shipping options
- AccessBank names new chairman of management board
- European Union environmental leaders aim to cut food waste in half by 2030
- ARMBUSINESSBANK hosts high-school students for lessons about banking
- Decreased inflation will lead to economic recovery, EDB report says
- Rosbank named global outperformer, market outperformer in finance magazine
- National Bank of Ukraine cuts key policy rate in effort to boost the economy
- Photo exhibition of flowers on display at UKRSIBBANK BNP bank