Azernews.Az

By Aynur Jafarova

The Asian Development Bank (ADB) has allocated $300,000 as technical assistance for the development of Azerbaijan's micro-finance sector.

"The money will expand the access to financial services for individuals with low income and small enterprises. It will improve the regulative and supervisory framework for micro-finance," the bank said.

Another $300,000 will be allocated by the Financial Sector Development Partnership Fund, which operates under ADB and is supported by the government of Luxembourg.

The technical assistance envisages preparation of a report on diagnosing the situation of the financial inclusiveness and conducting appropriate assessments, presenting a road map to the Central Bank of Azerbaijan and other structures on implementation of the strategy of expanding the access to financial services.

"ADB will assist Azerbaijan in development of the policy and strategy on financial inclusiveness, improvement of the situation related to the accessibility of information. It is expected that this policy will attract strategic investments in new services in the sphere of payment, saving, micro-insurance, micro-leasing, branchless banking and so on," ADB said.

Established in 1966, the ADB is dedicated to reducing poverty in Asia and the Pacific through inclusive economic growth, environmentally sustainable growth, and regional integration. The bank is owned by 67 members, including 48 from the region. In 2012, ADB's assistance totaled $21.6 billion, including co-financing $8.3 billion.

Azerbaijan's share in the bank's capital is 0.5 percent.