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Public Discussions held on SMBs Financing 14.11.19

On November 14, the next forum was organized by the Public Council under the Small and Medium Business Development Agency of the Republic of Azerbaijan (SMBDA).

Representatives of SMBDA, Central Bank of the Republic of Azerbaijan, Financial Market Supervisory Authority, Azerbaijan Banks Association, National Confederation of Entrepreneurs (Employers) Organizations of Azerbaijan, as well as various banks, non-bank credit organizations and credit unions, non-governmental organizations attended the organized Forum on “Transparency of access of small and medium businesses to financial markets: current situation and perspectives.”

Discussions were held on topical issues related to access of micro, small and medium businesses to the financial markets, services provided by financial institutions, funding mechanisms provided by public and private institutions, and questions were answered at the forum.

Orkhan Mammadov, Chairman of the Board of SMBDA, said that economic reforms led by the President of the Republic of Azerbaijan entered a new stage and the development of small and medium businesses and increasing their role in the economy are identified as priorities among the key directions in this process. It was noted that access to financial resources and the provision of high-quality financial services is one of the key conditions for the development of small and medium businesses. Mr. Ilham Aliyev, President of the Republic of Azerbaijan in his speech at the economic meeting held in October this year, has called on financial institutions to finance the real sector of the economy as well as support small and medium businesses in the process actively. Following this call, today's forum organized with the participation of financial institutions, public organizations, state bodies, and entrepreneurs in the format of the joint debate is actual to this regard. Chairman of SMBDA made a series of proposals by noting that one of the main activities of the Agency is to provide the access of SMBs to available financial resources and coordinate investment projects offered by entrepreneurs with financial institutions.It was noted that it would be advisable to cooperate with financial institutions and banks, conduct joint events, seminars and training courses with financial institutions within the rules on the implementation of the closer cooperation between SMBDA and banks, and provision of state support to domestic market research.

Ibrahim Alishov, acting Chairman of the Board of the Financial Market Supervisory Authority, Rashad Orujov, Director General of the Central Bank of the Republic of Azerbaijan, Zakir Nuriyev, President of the AzerbaijanBanks Association and Mammad Musayev, President of the National Confederation of Entrepreneurs (Employers) Organizations of Azerbaijan, informed on the existing funding mechanisms, measures taken to expand access of SMBs to financial resources, new funding mechanisms, measures to examine the financial needs of small and medium businesses in their speech.

Farhad Garashov, Chairman of the Public Council under SMBDA, informed about the purpose of the forum, the activities implemented by the Public Council under the SMBDA, and said that events in the trilateral format were held regularly with the participation of SMBs, relevant government agencies, and civil society institutions. He said that the ideas, opinions, and proposals made at the forum would be taken into account and submitted accordingly.

Moreover, an exhibition of financial services provided to micro, small and medium businesses by various financial institutions, was organized within the forum.