Baku, Azerbaijan, July 18
By Ilkin Shafiyev - Trend:
Azerbaijan Micro-Finance Association (AMFA) plans to implement another project to improve financial literacy of representatives of micro-business in Azerbaijan in the near future, AMFA Executive Director Jala Hajiyeva told Trend.
"We have already implemented a pilot project in the Terter and Fizuli regions of Azerbaijan last year. It was attended by 60 women involved in micro-business. The project has yielded very positive results. We selected 18 best business plans, and their authors received support from us, in particular in the purchase of equipment. We plan to launch in the near future the second project in the four economic zones of the country, and the participation of both men and women in that project has been planned. In general, we plan to bring up a new generation of micro entrepreneurs," Hajiyeva said.
The representatives of micro-business in Azerbaijan need such support today, she noted.
"Most small entrepreneurs are inexperienced. We encourage them to improve their financial literacy, learn to make competent business plans, learn to use the available financial resources efficiently. We recommend them to apply for a microcredit just thereafter. A person without a credit history who does not have any experience in doing business should not apply for funding," said the Executive Director of the Association.
The loan portfolio of the NBCOs amounted to 393.2 million manats (3.3 percent of the total portfolio of credit institutions) in January-May 2018 according to the data provided by the Central Bank of Azerbaijan.
The official exchange rate for July 18 is 1.7 AZN/USD.
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