BAKU, Azerbaijan, July 3. The Central Bank of Azerbaijan (CBA) and the World Bank discussed the implementation of the FINGROW program.
This was reported in a statement by the Central Bank of Azerbaijan (CBA) posted on its social media account on “X.”
According to the statement, CBA leadership held a meeting with representatives of the World Bank’s FINGROW (“Access to Finance for Jobs and Economic Growth”) program mission.
“During the meeting, the parties discussed the objectives and scope of the FINGROW program, as well as the activities planned under it, and the role of the Central Bank of Azerbaijan in implementing this initiative. The parties also exchanged views on expanding access to financial services in Azerbaijan, increasing financing opportunities for small and medium-sized enterprises, developing digital payments, deepening financial inclusion, and the FINGROW program’s support for improving the credit guarantee mechanism,” the bank’s statement reads.
In addition, it is emphasized that FINGROW is a multi-phase World Bank program designed for countries in Europe and Central Asia: “The program’s main objective is to promote entrepreneurship, create new jobs, and ensure sustainable economic growth by expanding access to financial resources.”
Meanwhile, earlier in an exclusive interview with Trend, World Bank Country Manager for Azerbaijan Stefanie Stallmeister stated that over more than 30 years of cooperation with Azerbaijan, the bank has invested billions of dollars in various projects. “Current initiatives include urban development projects, working with ASRA to reduce water losses, and supporting the Ministry of Agriculture in modernizing irrigation systems and adopting climate-resilient agricultural practices,” she noted.
