CBA, World Bank discuss SME financing opportunities

The Central Bank of Azerbaijan (CBA) and the World Bank have discussed expanding financing opportunities for small and medium-sized enterprises (SMEs).

Report informs, citing the CBA, that the discussions were held during a meeting between the management of the Central Bank of Azerbaijan and representatives of the World Bank's Finance for Jobs and Economic Growth (FINGROW) Mission.

The meeting focused on the purpose and scope of the FINGROW program, the measures planned under the program, and the Central Bank's role in the initiative.

The sides also exchanged views on expanding access to finance in Azerbaijan, increasing financing opportunities for SMEs, promoting digital payments, deepening financial inclusion, and FINGROW's support for improving the credit guarantee mechanism.

FINGROW is a multi-phase World Bank program for Europe and Central Asia. Its main goal is to support entrepreneurship development, the creation of new jobs and sustainable economic growth by expanding access to financial resources.