Number of banks supporting self-employment program expands

10-04-2020

The initiative by the President of the Republic of Azerbaijan on allocation of social responsibility to allow banks help vulnerable categories of the population to organize self-employment enabled banks to get involved in expansion of the program.

Active efforts are under way on the implementation of the memorandum on cooperation signed among the Ministry of Labor and Social Protection of the Population, the Central Bank and the Azerbaijan Banks Association.

8 banks – the International Bank of Azerbaijan OJSC, the Kapital Bank OJSC, the Pasha Bank OJSC, the Accessbank CJSC, the Bank Respublika OJSC, the Rabitəbank OJSC, the Turanbank OJSC and the Yelo Bank OJSC joined the program at an initial phase.

Concerted efforts create additional opportunities to increase employment of vulnerable categories of the population (the disabled, low-income families, families of martyrs, IDPs, unemployed persons and job seekers) and support their access to small entrepreneurship.

It is also a support for the active state policy in reducing negative socio-economic impact of the coronavirus (COVID-19) pandemic and addressing employment issues.

 In recent days, banks have begun to sign relevant grant agreements with citizens involved in the program and provide them with assets (including in-kind materials, equipment and other property) in services and production free of charge on a contractual basis for a period of 2 years.

In the near future, it is planned to actively involve other banks in the process, which will increase the number of banks participating in the self-employment program.

THE MINISTRY OF LABOR AND SOCIAL PROTECION OF THE POPULATION

THE CENTRAL BANK OF THE REPUBLIC OF AZERBAIJAN

THE AZERBAIJAN BANKS ASSOCIATION