Azerbaijani Central Bank to cooperate with Italian National Microcredit Agency

By Trend

The Central Bank of Azerbaijan (CBA) and the Italian National Microcredit Agency have signed a Memorandum of Understanding and Cooperation, Trend reports on Feb. 25 referring to the CBA.

The memorandum was signed by CBA Chairman Elman Rustamov and President of the Italian National Microcredit Agency Mario Baccini during a business forum with the participation of Azerbaijani and Italian companies organized on the occasion of the state visit of Azerbaijani President Ilham Aliyev to Italy.

The purpose of the memorandum is to promote cooperation between the parties in the field of creation, exchange of experience in the development of microlending and microfinance instruments in Azerbaijan.

According to the signed memorandum, two organizations intend to cooperate in promoting microlending tools, improving the legal and regulatory framework, as well as monitoring and evaluation mechanisms.

At the same time, this cooperation will play an important role in enhancing the exchange of experience with foreign partner organizations in this sphere to develop the microfinance services sector and strengthen control over the activities of microfinance institutions.

The planned cooperation will also contribute to the successful implementation of the tasks set by Azerbaijani President Ilham Aliyev to enhance the role of the financial sector in economic development and the role of credit institutions in improving the access of small and medium enterprises to the financial services.

The Italian National Microcredit Agency promotes, regulates, evaluates and monitors microfinance instruments which are encouraged and funded by the EU.