SMB

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Conference held on "Prospects for development of alternative financial markets in Azerbaijan" 02.03.23

On March 2, a conference on "Prospects for development of alternative financial markets in Azerbaijan" was held with the organization of the Small and Medium Business Development Agency (KOBİA) and the United States Agency for International Development (USAID).

The event was held with the involvement of local and international institutions in the field of finance and banking, representatives of the private sector, some 200 people in total. The subjects discussed in the event were funding of SMBs, alternative financial tools and international practise in this field, and the opportunities of applying alternative funding mechanisms in Azerbaijan.

Speaking at the opening ceremony at the conference, Chairman of the Board of KOBİA Orkhan Mammadov stated that SMBs constitute approximately 50% of the gross domestic product in developed economies and 35% in developing economies, and provide 60-70% of total employment. It was underlined that more than 99% of business entities operating in Azerbaijan are SMBs. As in the case of the whole world, entrepreneurs in Azerbaijan opt for banks as a financial source. Expanding the financing opportunities of SMBs and applying alternative financial tools in this field are among the priorities of the activity of the KOBİA. Today's event, organized jointly with USAID, aims to discuss the international practise in the field of expanding the financial access of SMBs and the opportunities of applying alternative financial tool in Azerbaijan.

Michael Nehrbass, Mission Director for USAID in Azerbaijan spoke at the event: "I am confident that this conference will be a platform where you can all share knowledge, build connections for new partnerships, gain new technical knowledge and get first-hand information on how other countries set up debt and equity financing. The panels to be held with the engagement of experts will provide an opportunity to define various options for project funding."

The head of the Innovation and Digital Development Agency, Inara Valiyeva, delivered her views on the activities of the agency she represents and as well as the support rendered to start-ups, and Zakir Nuriyev, the president of the Azerbaijan Banks Association, shared his views on alternative funding.

As part of the conference, panel discussions were held on the topics "Islamic banking and microfinance: prospects for development in Azerbaijan", "SMB support tools: guarantee, asset financing and leasing" and "Importance of the development of the startup ecosystem". Local and international practise and future development prospects were exchanged in the panels.