Azerbaijan needs to adopt a new law to further develop the microfinance sector, chairman of the board of the Azerbaijan Microfinance Association (AMFA) Suleyman Kalyashev said at the 9th Azerbaijan Microfinance Conference in Baku.
He said that with the same purpose it is also worth amending a number of existing laws.
The adoption of the new law would help stimulate the opening of new jobs in the Azerbaijani districts, he noted.
The significance of the adoption of the new law is especially increasing given that about 38 percent of Azerbaijani citizens live in the districts, he said.
“Microfinance organizations have always played a special role in the development of Azerbaijan’s economy, reducing poverty and supporting entrepreneurship,” said Kalyashev, adding that they were also an important source of capital for small and medium businesses.
He noted that presently, the loan portfolio of microfinance organizations in Azerbaijan amounts to $273 million.
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