Azerbaijan achieves top spot in credit accessibility ranking

Azerbaijan has climbed to the number one position among 190 countries for ease of obtaining credit, according to the World Bank's Doing Business report, a sector head at the Economic Policy and Industrial Affairs Department of the Azerbaijani Presidential Administration, Vusal Shikhaliyev said, Report informs.

This outstanding accomplishment is the result of initiatives proposed by the Working Group on Financial Markets Development and Credit Accessibility and the successful implementation of corresponding measures.

Shikhaliyev made this announcement during a meeting of the working group.

"This achievement demonstrates that we have established a solid foundation for the development of this sector. It provides us with a strong incentive to replicate our success in credit accessibility across other sub-components of the financial sector and helps us prioritize our future efforts,” the official highlighted.

He further explained that since the beginning of this year, the working group has been conducting diagnostics based on the World Bank's new methodological document while simultaneously carrying out surveys in the private sector. As a result of the data collected and subsequent analyses, a new Roadmap reflecting fresh directions has been submitted to the commission.

“Many of the measures outlined in this document, which has been approved by the commission chairman, will directly contribute to the development of financial markets and the creation of inclusive financial services,” Shikhaliyev added.