ECONOMY


IFC, USAID, Central Bank of Azerbaijan expand cooperation in access to finance for businesses

Baku, December 5 (AZERTAC). IFC, a member of the World Bank Group, is partnering with the United States Agency for International Development (USAID) and the Central Bank of the Republic of Azerbaijan in creating opportunities to access loans and other forms of financing for businesses.

IFC and its partners held a conference in Baku to raise awareness about secured transactions, which allow companies to use movable assets – including inventory, accounts receivable, and equipment – as collateral for loans. This practice will make it easier for businesses which may not have assets like real estate to obtain financing, supporting economic development. IFC and Azerbaijan’s Central are preparing a draft law on secured transactions.

The initiative is part of the IFC Azerbaijan and Central Asia Financial Markets Infrastructure Project. Funded by the Swiss State Secretariat for Economic Affairs (SECO), it aims to strengthen the financial infrastructure in Azerbaijan. One of the main goals of this project is to develop a collateral registry system and thereby improve access to finance for entrepreneurs and small enterprises in the country.

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