The Asian Development Bank (ADB) recently announced that it will issue three financing packages to financial institutions in Azerbaijan amounting to approximately $120 million, with the money being distributed to micro-, small- and medium-size businesses in the country. 

Financing will be available through DemirBank, AccessBank Azerbaijan and Finca Azerbaijan. 

Small businesses in Azerbaijan are a driving force for the economy, employing approximately 42 percent of the working population in the country. Many individuals are pursuing entrepreneurial opportunities. 

"The loans earmarked for agriculture will result in greater access to financing for smallholder farmers and agribusinesses, while those targeted for [micro, small and medium-sized enterprises] will support small business owners throughout other sectors of the economy," ADB Private Sector Director General Todd Freeland said. 

The financing is meant to support diversification of the economy and business sector as the country is pushing to increase non-oil ventures so that it is not solely reliant on its oil and natural gas industries.