25 February 2020, Baku: Azerbaijan – Italy business Forum was organized within the frames of an official visit of Mr Ilham Aliyev, the President of the Republic of Azerbaijan to the Italian Republic.
Mr Elman Rustamov, Governor of the Central Bank of the Republic of Azerbaijan and Mr Mario Baccini, President of the National Microcredit Agency of the Republic of Italy signed a Memorandum of Understanding on cooperation during the Forum. The objective of the MoU is to promote cooperation between the two Parties in sharing their experience on the establishment and development of microcredit and microfinance instruments in the Republic of Azerbaijan.
Two institutions will cooperate on promotion of microcredit instruments, improvement of development, monitoring and evaluation mechanisms of the legal and regulatory framework. This cooperation will also be critical in terms of further experience sharing with related foreign partners to develop microfinance services and strengthen control over microfinancing.
This cooperation will contribute to successful realization of the assignments by Mr Ilham Aliyev, the President of our country, on boosting the capacity of the financial sector in economic growth and elevating the role of credit institutions in better access of SMEs to financial services.
To note, the National Microcredit Agency of the Italian Republic promotes, regulates, evaluates and monitors microfinance instruments advanced and funded by the EU.