SMB

We believe Azerbaijan’s socio-economic development is closely linked with entrepreneurship and its future development!

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SMBDA reported measures taken to minimize the impact of COVID-19 on local SMBs at the 37th session of COMCEC 24.11.21

A panel on the topic “The role of Islamic finance in supporting micro, small, and medium enterprises against the consequences of the COVID-19 pandemic” was held as part of the 37th session of the Standing Committee for Economic and Commercial Cooperation of the Organization of Islamic Cooperation (COMCEC) in Istanbul.

At the panel, the chairman of the Board of the Small and Medium Business Development Agency (SMBDA) Orkhan Mammadov spoke about the measures taken by the Azerbaijani government to support SMBs during the pandemic, priority issues in the post-pandemic period, as well as investment opportunities of the territories liberated from occupation. It was noted that the COVID-19 pandemic had affected the economy of Azerbaijan, like the rest of the world. To minimize the negative impact of the pandemic on the national economy, employment, and business entities, and especially micro, small, and medium enterprises, the Azerbaijani government has adopted a number of support programs. Supporting the SMB sector has become a priority in these short and medium-term business support programs. Measures are being taken to introduce alternative financing to support SMBs and create an SMB Development Fund.