Baku hosts regional conference on encumbrance of movable property

Baku. May 31. REPORT.AZ/ The regional conference "Reform of encumbrance of movable property: achievements and challenges" has today started in Baku.

Report informs, organizers of the two-day event are the Azerbaijan Banks Association (ABA) and the International Finance Corporation (IFC).

At the opening of the conference, Asim Zulfugarov, Deputy Chief Executive Director of the Financial Markets Supervision Authority (FIMSA), noted that the issues of improving the legislation on the encumbrance of movable property and the creation of a relevant register were reflected in the Strategic Road Map approved last year.

"According to international assessment, now two thirds of the pledged property in Azerbaijan is immovable. The wide introduction of the innovation associated with the encumbrance of movable property will expand the access for small and medium-sized entrepreneurs to financial resources and increase the availability of loans in the country," he said.