World Bank proposes introduction of new forms of financing in Azerbaijan

Baku. 28 January. REPORT.AZ/ Today the market of Azerbaijan issued loans to customers, mainly secured by real estate, which creates some problems in the development of this segment of the financial sector.

Report informs it was stated by the president of the Confederation of Entrepreneurs of Azerbaijan CPA Mammad Musayev at a press conference in conjunction with the World Bank (WB) project Loans secured by movable property.

According to M.Musaev, cooperation of CPA with the World Bank in this area will help to eliminate the existing problems.

An international expert Simon Thompson participated in the event, said that lending based on the real exchange turnover in the traditional banking, which creates problems for start-ups: To do this, you must develop a simpler and more convenient mechanisms.

WB Qamar Saleem said, they are currently working with the majority of financial institutions of the country.

According to him, to date, more than 70% of business entities in Azerbaijan falls on the private sector:

We offer financing in several ways. Firstly - debit loans. Second, - dealer loans. Currently, negotiations are underway on these issues.