OSCE Office in Baku boosts micro-finance activities in Azerbaijan

BAKU, 5 December 2003 - Over 120 specialists from Azerbaijan will discuss the best results of micro-finance activity and the strategies for its further promotion in Azerbaijan, at a two-day OSCE-organized conference which opened today in Baku.

"The availability of credit resources for entrepreneurs, particularly in the regions, is a central issue for the development outside the oil and gas sectors of Azerbaijan's economy," said Ambassador Peter Burkhard, the Head of the OSCE Office in Baku, opening the conference.

"Accessible credits, mechanisms to distribute and collateralize loans, and business support services, will be key for regional development and thus for the economic development of Azerbaijan as a whole."

The event brought together all international and Azerbaijani institutions engaged in micro-finance activities to discuss past results and create strategies for the road ahead. The Conference will also serve as a platform to facilitate strategic and business planning for the institutions involved.

Farhad Aliyev, Azeri Minister of Economic Development, emphasized the positive impact of micro-finance activities on reduction of poverty and socio-economic marginalization in Azerbaijan.

"To make this process sustainable we need to co-ordinate our efforts. We believe that promotion of the micro-finance institutions in Azerbaijan will play an important role in the economy of Azerbaijan," he said, addressing the participants.

Ambassador Burkhard said special attention should be paid to issues that could help practically in poverty alleviation and economic growth.

"Micro-finance is one of the most important means to help the poor. Our Office stands ready to continue its work with the Azeri Government to empower and remove obstacles, in order for business to thrive and to reduce poverty," he added.

The Micro-finance Practitioners Conference is organized by the OSCE Office in Baku, in co-ordination with the Azerbaijan Micro-finance Association. Representatives from the Azeri Government, United States Agency for International Development, European Bank for Reconstruction and Development, the World Bank and the Asian Development Bank presented their vision of the future of micro-finance and their micro-finance programmes.