11 March 2020, Baku: Active efforts are under way in the country with the involvement of the financial-banking sector to fulfill the assignments by Mr Ilham Aliyev, the President of the Republic of Azerbaijan issued at the meeting dedicated to results of 2019, as well as at the conference dedicated to results of the first year of implementation of the ‘State Program on socio-economic development of regions of the Republic of Azerbaijan in 2019-2023’ for macroeconomic regulatory institutions and the financial and banking sector, including objectives on activating real sector lending, improving access to financial services in regions and rural areas, higher financial inclusiveness of regions, channeling preferential loans mostly to SMEs and others.

As one of those challenges and assignments, the Ministry of Labor and Social Protection of the Population of the Republic of Azerbaijan, the Central Bank of the Republic of Azerbaijan and the Azerbaijan Banks Association signed a Memorandum on cooperation on assisting self-employment of vulnerable categories of the population with respect to the 11 March 2020 initiative of the country leadership on allocation of social responsibility to allow banks help them organize self-employment.

The Parties agreed to assist in organization of self-employment of vulnerable categories of the population realized to maintain active involvement of the population in socio-economic development of the country; create additional opportunities to increase employment of the disabled, low-income families, IDPs, as well as unemployed persons and job seekers; support family businesses; stimulate micro, small and medium size entrepreneurs and underpin the initiative on allocation of social responsibility as part of the self-employment program.

It was highlighted that the World Bank will provide financial and technical support for the self-employment program, banks will participate in the program on voluntarism and humanism basis, pro-bono fund Memorandum related events; access of participants to various financial-banking tools will be supported. Actively supporting the self-employment program banks are shaping their own future business base.

Organization of self-employment will be assisted by providing consultations and information to the disabled, low-income families, IDPs, unemployed persons and job seekers on the basis of equality, transparency and legality; assisting them in selection and organization of a self-employment direction by economic sectors; assisting in development of business plans; in-kind contribution of materials, equipment and other property to the said persons for 2 years on a contractual basis; monitoring over the period and supporting their development by means of various financial-banking tools.

A Coordination Group will be established with the involvement of the Parties, as well as the State Employment Service, the Agency for Development of Small and Medium-sized Businesses, the National Confederation of Entrepreneurs Organizations of the Republic of Azerbaijan, and designated banks along with promoting banks to participate in the program with their own funds displaying social responsibility.

It will be promoted to prioritize those who have particular need for social protection and those who have difficulties in finding jobs, including persons with disabilities, disadvantaged families, IDPs, those registered as unemployed persons and job seekers with the advancement of service and production sectors within the frames of participation of the financial-banking sector in the program.

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