USAID Aims to Increase Transparency, Access to Capital in Azerbaijan
In June, the National Bank of Azerbaijan and USAID’s Small and Medium Enterprise (SME) Support through Financial Sector Development Project held a rating conference on “Improving Transparency and Access to Capital." The widely publicized conference was part of the Azerbaijan Rating Support Program, which encouraged increased use of internationally recognized ratings by both banks and non-bank credit organizations, such as leasing companies, micro and rural lenders, and credit unions, in Azerbaijan. This initiative is also intended to increase access to commercial capital and contribute to a more transparent financial sector.
Rafig Aslanli, Deputy Chairman of the National Bank of Azerbaijan and Donald Lu, the Deputy Chief of Mission from the U.S. Embassy made opening remarks at the event. In his speech, Mr. Lu underscored that the U.S. is dedicated to working with Azerbaijan as it implements reforms to strengthen and diversify its economy away from oil and gas.
It is generally acknowledged that small businesses—particularly those outside of major cities–embody the potential for Azerbaijan’s sustainable economic growth. However, there remain many challenges, including access to stable and reliable credit, in developing and harnessing this key resource.
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| Use of internationally recognized ratings would increase access to commercial capital needed to grow small and medium enterprises, a critical component of Azerbaijan’s sustained economic growth |
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