The presentation of the 2023 Roadmap for the implementation of measures focused on improvements in the relevant field related to the "Financial Services" indicator of the World Bank Group's "

The next meeting of the Working Group on Financial Markets Development and Accesibility of Loans of the Commission on Business Environment and International Rankings has been held on December 27, 2022, 11:00 through online platform “Webex”.

In the meeting, information was given about the draft Action Plan for 2023 of the Working Group and 2023 Roadmap for the implementation of measures focused on improvements in the relevant field related to the "Financial Services" indicator of the World Bank Group's "Enabling Business Environment" project, and discussions were held in this direction.

Information is provided about the total of 42 determined measures of the Roadmap, which are in the areas of sustainable finance, the operation of credit bureaus and registries, the effectiveness of obtaining loans, electronic payments and the regulatory framework for business loans and secured transactions.

First of all, information was given on measures planned in the direction of sustainable financing. These measures include the creation of a legal framework for green bonds, the preparation of the Sustainable Finance Roadmap and taxonomy (classification system of economic activities), the development of green bond issuance rules, as well as the inclusion of climate risk in the framework of financial supervision and the formation of the regulatory framework related to green loans.

In addition, information was provided on the measures related to the operation of credit bureaus and registries. In this regard, measures were defined to expand the scope of information provided to credit bureaus and registries, improve the scoring model of borrowers, expand the scope of the registry of movable property and investigate the possibilities of applying the mechanism of fiduciary transfer of ownership.

In the continuation of the meeting, information was provided regarding the measures in the direction of effectiveness of obtaining loans, electronic payments, as well as the regulatory framework for business loans and secured transactions. These measures include diagnosis of the current situation, implementation of educational and awareness measures, conducting relevant surveys and preparation of proposals for improvement, as well as supporting the improvement of existing legislation.

At the meeting, draft Action Plan for 2023 was considered acceptable and it was decided to start the implementation of measures by the responsible agencies of the Roadmap in accordance with the execution periods.  

Representatives of the Central Bank, Cabinet of Ministers, Ministry of Economy, Ministry of Environment and Natural Resources, Ministry of Finance, Financial Monitoring Service, Small and Medium Business Development Agency, Azerbaijan Banks Association, Azerbaijan Credit Bureau, Azerbaijan Microfinance Association, Azerbaijan Insurers Association, State Oil Fund, “Ensis Law Firm” LLC, “Azfinance Investment Company” CJSC and “Asian Development Bank” have participated at the meeting.

×