Innovative mechanisms for financing SMEs, successful country practices and institutional models, as well as financial literacy issues, were discussed at the event.

An international seminar on “Developing Implementation Strategies for Innovative Financing Mechanisms for SMEs” was held in Ankara, the capital of Turkey, with the support of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC) and organized by the Statistical, Economic and Social Research and Training Centre for Islamic Countries (SESRIC).

The purpose of the two-day event is to expand access of SMEs to innovative financing mechanisms and encourage the use of these mechanisms.

The event was attended by representatives of specialized institutions of OIC member countries, such as Turkey, Jordan, Malaysia, Morocco, Pakistan and Senegal. Azerbaijan was represented at the event by employees of the Small and Medium Business Development Agency (KOBİA).

Panel discussions on the legal frameworks of innovative financing models, national and institutional factors in SME financing, existing support mechanisms, challenges related to SMEs’ access to finance, digital lending, crowdfunding, Islamic finance instruments, SME financial literacy, creditworthiness assessment, risk management and other topics were held at the seminar. Representatives of the participating countries shared their experience in the relevant areas and exchanged views.

A KOBİA representative provided detailed information on the SME House model in Azerbaijan within the framework of the event. The SME House model was met with interest by representatives of OIC member countries as an innovative support tool for providing services to entrepreneurs in a common location, and the recommendation document on the outcomes of the seminar also included the study of opportunities for applying this model in OIC member countries.

Powered by Froala Editor