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ICD to study potential of Azerbaijan's microfinance market

30 September 2016 15:12 (UTC+04:00)
ICD to study potential of Azerbaijan's microfinance market

By Nigar Abbasova

The Islamic Corporation for the Development of the Private Sector (ICD), the private sector arm of the Islamic Development Bank Group (IDB), will study the potential of the micro financing market in Azerbaijan.

A delegation, headed by ICD’s business development manager in CIS and European countries Samir Taghiyev, will participate in the eighth micro financing conference organized by Azerbaijan Micro-Finance Association (AMFA), which is scheduled for October 6-7.

The delegation will held meetings with representatives of the financial sector of Azerbaijan to study the potential of the market of micro financing and work implemented in the sphere.

Moreover, representatives of German KfW Development Bank, Islamic Development Bank, Software Group, ResponsAbility, and European Fund for Southeast Europe will also be among participants of the conference.

Being of the most effective methods of developing small business, microfinance is a financial tool aimed at providing a variety of financial services to low-income individuals or those who lack an access to typical banking services.

This financial service is mostly in demand in the countries with developing economies, as it helps solve many problems of national importance. Standing for a broad category of services, microfinance also includes microcredit, a small financial loan made to poverty-stricken individuals seeking to start their own business.

Azerbaijan Micro-Finance Association is engaged in strengthening the capacity of microfinance institutions and promotion of effective actions in the microfinance community and its clients.

ICD launched its operations in Azerbaijan in 2003. With its headquarters in Jeddah, Saudi Arabia, the corporation provides funds for small and medium enterprises in the participant countries. So far, ICD has allocated funds to support 14 projects with the total cost amounting to $130 million.

Being established in November 1999 the ICD supports the economic development of its member countries through providing finance for private sector projects, promoting competition and entrepreneurship, providing advisory services to the governments and private companies and encouraging cross-border investments.

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Nigar Abbasova is AzerNews’ staff journalist, follow her on Twitter: @nigyar_abbasova

Follow us on Twitter @AzerNewsAz

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