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First Financing Resource Guide Published for Azerbaijan Businesses

In May 2004, the Azerbaijan Agribusiness Center released The Complete Guide to Financing in Azerbaijan. This is the first comprehensive financing resource guide available to Azerbaijan business community. Access to information provided by the Guide is opening windows of opportunity for agribusiness sector growth and development.

The Complete Guide to Financing in Azerbaijan

Business growth in Azerbaijan is often constrained by a lack of financial resources and a lack of access to information about financing mechanisms and institutions. Recognizing the importance of this information, the Azerbaijan Agribusiness Center (AAC) compiled a comprehensive resource guide that provides information about lending, grant, and leasing alternatives available through banks and non-bank institutions working in Azerbaijan.

The Complete Guide to Financing in Azerbaijan contains information on more than 70 institutions and programs providing financing or financial services in Azerbaijan. This includes information about local and foreign banks, credit unions, microfinance institutions, grant making organizations, leasing companies, and multilateral and interna­tional institutions. Each institution's services are described in enough detail to help busi­nesses determine which lending institution to approach for financing.

In addition to a comprehensive overview of financing sources, the Guide includes edu­cational and reference materials that explain financial terminology and practices. This includes clear explanations of interest rates, collateral requirements, and repayment and grace periods; a detailed, yet easy to understand overview of leasing (a new financial instrument for Azerbaijan); a glossary of financial terms; and, a guide to obtaining credit.

Two hundred English and two hundred Azeri Guides were completed in May 2004. Copies are distributed through the AAC's offices in Baku, Lankaran, and Mingachevir and through other resource centers in the regions. Subsequent editions of the Guide, will be published semi­annually, and will include updated information on lenders and further reference materials on financial instruments.

The importance and utility of the Guide were underlined by the assistance extended, to the AAC, by various financial institutions. The Azerbaijan Banks Association, Azerbaijan Credit Unions Association, Azerbaijan Leasing Development Project, and Azerbaijan Micro Finance Association, for example, provided the AAC with information and materials that contributed to the success of the Guide. The AAC will continue its dialogue with these institu­tions, and others, to facilitate transparent access to financing information, and to support linkage-building between the private sector and the lending institutions.

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