Top Reformer Looks to Develop Microfinance Sector
Driven by the growth of oil and gas revenues, Azerbaijan’s economy has experienced one of the world’s highest growth rates, contributing to a notable decline in its poverty rates. To sustain this momentum, the U.S., through USAID, is working closely with the Government of Azerbaijan and major donors to promote key macroeconomic and structural reforms. These efforts have already yielded results: Azerbaijan was named the world’s top economic reformer by the World Bank in its recently released Doing Business 2009 report. This achievement has generated interest in Azerbaijan from the international business world and is expected to spur new foreign and domestic investment, creating new jobs and economic growth.
As Azerbaijan’s economy prospers, the country will be challenged to ensure that the benefits of its growth extends to all its citizens, particularly the poor. To this end, the development of a robust micro-finance system can develop mechanisms for the poor and middle class to access some of this new wealth in Azerbaijan's economy. On behalf of the American people, USAID has provided an estimated $20 million in resources, technical assistance, loan capital, and operational support to the Azerbaijan Micro-finance Association (AMFA), organizations, and governmental agencies, to advance the country’s microfinance sector.
AMFA recently held its fourth Microfinance Conference in Azerbaijan on September 16, 2008, which consisted of a series of workshops to share how a decade of microfinance best practices could be integrated to generate effective solutions for future challenges. The conference brought together key stakeholders serving the financial and credit needs of micro, rural, and small business communities. U.S. Ambassador Anne Derse delivered opening remarks at the conference, which drew international experts, and presenters and participants from government, AMFA, and microfinance rating agencies. The event was covered by numerous print and electronic media outlets. The opportunity to network and share experiences is a valuable means through which the Azerbaijan’s microfinance sector can rapidly scale-up to meet the new challenges of prosperity.
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U.S. Ambassador Anne Derse was among the dignitaries who delivered opening remarks at the made opening remarks at the microfinance conference.
Photo Credit: AMFA |
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