BAKU, Azerbaijan, March 2. SMEs make up 99
p.c of enterprise entities in Azerbaijan, Board Chairman of the
Azerbaijani Small and Medium Business Development Agency (SMBDA)
Orkhan Mammadov mentioned on the convention on “Prospects for the
growth of other monetary markets in Azerbaijan”,
Trend studies.
According to Mammadov, world adjustments have a negligible destructive
impression on the actions of small enterprise entities.
“The introduction of other sources of financing could have
a constructive impression on the event of entrepreneurial exercise.
Today we see that the share of Islamic banking is rising day by
day,” he mentioned.
The official famous that to be able to forestall world influences on
the Azerbaijani financial system, a nationwide technique till 2026 was
adopted.
“As a part of this technique, it’s deliberate to implement numerous
tasks, together with the SME funding fund. This instrument will
function a very good various supply for SMEs,” Mammadov
harassed.
The board chairman added that throughout the framework of the
implementation of Islamic banking in Azerbaijan, an acceptable
consortium was created and a highway map was adopted.
The SMBDA was established underneath the Decree of the President of
the Republic of Azerbaijan Ilham Aliyev dated December 28,
2017.
The company’s goal is to help micro, small, and medium
companies growth within the nation, strengthen the function of small
and medium companies within the nationwide financial system, enhance their
competitiveness and contribution to the nationwide growth
indicators, take part within the safety of SMEs pursuits and
issues decision, facilitate SMEs institutional help
mechanisms, coordinate actions of presidency businesses and
personal establishments on this space.