IFC examines regulation of microfinancing and begins supporting introduction of best practices
Baku, Fineko/abc.az. The International Financial Corporation (IFC), entering into the World Bank Group (WBG), helps to improve the legislative and institutional environment for development of microfinancing in Europe and Central Asia that will enable increasing access to financing for microbusinessmen and population.
The corporation informed, to this end IFC together with the Financial Commission on Regulation of Mongolia and Micro-Finance Development Fund (MFDF) has organized awareness-raising tour to Mongolia on studying of legislative practice on microfinancing for regulators from Azerbaijan, Bosnia and Herzegovina, Kazakhstan, Kyrgyzstan and Tajikistan. The delegation from Azerbaijan was represented by employees of the Cabinet of Ministers, the Central Bank of Azerbaijan (CBA) and the Association of Microfinancial Organizations.
During the tour, which took place from October 12 -14, 2010, regulators familiarized themselves with the best international approaches that would enable them to approach with more awareness to development regulatory base of microfinancing in the countries. The tour was organized by project IFC on backing of transformation of microfinancial institutions in Azerbaijan and Central Asia, supported by the Netherlands Foreign Ministry.
“Mongolia can be a fine example for successful demonstration to representatives of the governments and the central banks how their countries having similar prerequisites, can receive advantage from developed microfinancial sector, as well to see, how microfinancial institutions can expand spectrum of services for their clients by means of innovations and successful transformation,” Cholpon Kokumova, project manager of IFC on support of transformation of microfinancial institutions in Azerbaijan and Central Asia, said.
Within the tour, participants got familiarized with examples of successful transformation of the microfinancial organization in bank, the best practices and innovations in microfinancial sector, as well as met with official persons in Mongolia. In addition, they among the first familiarized themselves with results of research “ Comparative analysis of legislative environment in some countries,” initiated by IFC.
The report contains an analysis of regulatory base of some countries and to what degree regulatory basis in Azerbaijan and the Central Asia promotes transformation of microfinancial organizations in microfinancial banks.
The report has supplemented the information, received during the awareness-raising tour and will promote construction of dialogue and evolution of legislation in Central Asia and Azerbaijan.
“The workshop was organized very well and many topics of microfinancing were covered. Along with regulation issues, I have found useful inclusion of financial innovations of microfinancial sector, such as leasing and mobile banking,” Ayaz Chaparli, a specialist of administration on control over activity of non-bank organizations of the Central Bank of Azerbaijan (CBA), noted.
The corporation informed, to this end IFC together with the Financial Commission on Regulation of Mongolia and Micro-Finance Development Fund (MFDF) has organized awareness-raising tour to Mongolia on studying of legislative practice on microfinancing for regulators from Azerbaijan, Bosnia and Herzegovina, Kazakhstan, Kyrgyzstan and Tajikistan. The delegation from Azerbaijan was represented by employees of the Cabinet of Ministers, the Central Bank of Azerbaijan (CBA) and the Association of Microfinancial Organizations.
During the tour, which took place from October 12 -14, 2010, regulators familiarized themselves with the best international approaches that would enable them to approach with more awareness to development regulatory base of microfinancing in the countries. The tour was organized by project IFC on backing of transformation of microfinancial institutions in Azerbaijan and Central Asia, supported by the Netherlands Foreign Ministry.
“Mongolia can be a fine example for successful demonstration to representatives of the governments and the central banks how their countries having similar prerequisites, can receive advantage from developed microfinancial sector, as well to see, how microfinancial institutions can expand spectrum of services for their clients by means of innovations and successful transformation,” Cholpon Kokumova, project manager of IFC on support of transformation of microfinancial institutions in Azerbaijan and Central Asia, said.
Within the tour, participants got familiarized with examples of successful transformation of the microfinancial organization in bank, the best practices and innovations in microfinancial sector, as well as met with official persons in Mongolia. In addition, they among the first familiarized themselves with results of research “ Comparative analysis of legislative environment in some countries,” initiated by IFC.
The report contains an analysis of regulatory base of some countries and to what degree regulatory basis in Azerbaijan and the Central Asia promotes transformation of microfinancial organizations in microfinancial banks.
The report has supplemented the information, received during the awareness-raising tour and will promote construction of dialogue and evolution of legislation in Central Asia and Azerbaijan.
“The workshop was organized very well and many topics of microfinancing were covered. Along with regulation issues, I have found useful inclusion of financial innovations of microfinancial sector, such as leasing and mobile banking,” Ayaz Chaparli, a specialist of administration on control over activity of non-bank organizations of the Central Bank of Azerbaijan (CBA), noted.
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