Movable Asset-Based Financing Day held in Shaki

22-12-2023

22 December 2023, Baku: In order to expand access to financial resources, especially in order to increase financial accessibility in the regions, the Central Bank is implementing consistent measures in the direction of movable asset-based financing.

On the initiative of the Central Bank and with the support of the Shaki City Executive Authority, an event called "Movable Asset-Based Financing Day" was held in order to increase the possibilities of movable asset-based financing, to improve the financial literacy of small and medium-sized enterprises (SMEs), and to discuss together the difficulties faced by entrepreneurs in this direction.

Within the framework of the event, the International Finance Corporation, the Small and Medium Business Development Agency of the Ministry of Economy, the Agricultural Insurance Fund and the Association of Banks of Azerbaijan made relevant presentations to more than 60 entrepreneurs and representatives of credit organizations on international trends in lending on the basis of movable assets, the mechanisms of insurance of animal husbandry, crop production and aquaculture in our country, and the challenges and opportunities for SMEs.

The event was followed by a credit fair, where branches of bank and non-bank credit organizations operating in the region presented movable asset-based financing products to SMEs, registered loan applications on the spot, and answered related questions.

We would like to inform you that the Central Bank closely cooperates with the relevant organizations in order to increase the possibilities of obtaining loans by pledging movable property, to continuously update the legal and technological bases in this direction and thus to improve the access of SMEs to financial resources. During the current year the number of encumbrance agreements based on movable assets has doubled and exceeded 200,000.