BAKU, Azerbaijan, June 22
By Fidan Babayeva - Trend:
The Azerbaijan Micro-finance Association (AMFA) through the financial support of the US embassy in Azerbaijan, is implementing a project entitled "Advancing Women Economic Empowerment in Nakhchivan Autonomous Republic" in Nakhchivan, Executive Director of AMFA Jhale Hajiyeva told Trend on June 22.
“The objective of the project is to educate women from Nakhchivan Autonomous Republic with the tools necessary to strengthen women’s abilities to increase their entrepreneurship opportunities by equipping them with the necessary skills and financial support to start their own business,” Hajiyeva added.
“The project will help at least 20 women from rural communities, including women with disabilities, to improve their business proficiency, financial literacy, access to financial resources and organizational skills,” executive director said. “Certain women on the program will also receive seed funding to establish their own businesses.”
“Some 25 women took part in the financial literacy training in May this year, including four women with disabilities,” executive director said.
Microfinance was introduced in Azerbaijan in the mid-1990s to meet the economic needs of up to one million internally displaced people and refugees who appeared as a result of the Armenia-Azerbaijan Nagorno-Karabakh conflict.
The International NGO Group began to offer microfinance services to low-income, war-affected communities to create opportunities for getting income and employment in 1996.
The process of holding informal meetings was launched to exchange business experience and remove restrictions on the issuance of loans at interest rates.
The members of the International NGO Group decided to formalize the group as an association that will act as a coordination center on microfinance in Azerbaijan in December 2001.
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