BAKU, Azerbaijan, June 18. Azerbaijan is forming a favorable regulatory and investment environment for the development of small and medium-sized businesses, Ulan Abylgaziev, Head of Financing at the Islamic Corporation for the Development of the Private Sector (ICD), said during the 14th Private Sector Forum of the Islamic Development Bank Group, Trend's correspondent reports from the event.
He noted that supporting small and medium-sized enterprises is one
of the key tasks of a modern economy. "Everyone agrees that SMEs
are the backbone of any economy, regardless of its level of
development. Governments of various countries are actively creating
conditions for the growth and development of this sector.
Multilateral development banks complement the efforts of states by providing the necessary financing. We, as an MDB, complement the efforts of governments by providing the necessary capital—from trade finance to short-term working capital, SME financing, and infrastructure projects," he stated.
Abylgaziev noted that the key task remains not only access to
financing, but also its effective utilization. "The problem lies
not only in the accessibility of financing, but also in its more
effective and smart use. Every invested resource should contribute
to the development of business and the economy.
Countries, including Azerbaijan, are demonstrating positive dynamics in creating conditions for business. Some of our member countries, including Azerbaijan, are performing really well in terms of creating conditions for business growth and shaping the regulatory environment," he stated.
According to him, yesterday, a number of key agreements were
signed in Azerbaijan, including with the Azerbaijan Business
Development Fund, aimed at scaling up support for small and
medium-sized entrepreneurship.
He emphasized that the ICD will complement existing financing
mechanisms by introducing Shari'ah-compliant instruments and
expanding opportunities for state support.
