Baku:The Asian Development Bank (ADB) is committed to advancing the development of Azerbaijan's microfinance sector, enhancing financial inclusion, and supporting small businesses. This was conveyed by Sunniya Durrani-Jamal, ADB Country Director for Azerbaijan, during a video address at the 12th Azerbaijan Microfinance Conference.

According to Azeri-Press news agency, Durrani-Jamal highlighted ADB's efforts in collaboration with the Central Bank of Azerbaijan to support financial inclusion strategies and improve the regulatory framework for the microfinance sector.

Durrani-Jamal further explained that ADB contributes to broadening access to finance for micro, small, and medium-sized enterprises through mechanisms such as providing loans to local financial institutions. These efforts align with the Central Bank's strategic framework for the microfinance model, which serves as a foundational step for the sector's future development.

The priorities outlined in the new model include legal and regulatory reforms, institutional development, diversification of funding sources, expansion of risk-sharing mechanisms, and digitalization of processes. Durrani-Jamal emphasized that these initiatives are pivotal in enhancing the microfinance sector's sustainability and increasing entrepreneurs' access to financial resources.