A round table discussion of alternative financing mechanisms was held at the Agency for the Development of Small and Medium-sized Enterprises (SMEs) of Azerbaijan, the agency.

Governmental support in the issue of financing SMEs, as well as potential opportunities for alternative financing, were discussed with the participation of the representatives of the Ministry of Finance, the Ministry of Taxes, the Financial Market Supervisory Authority (FIMSA) and the Central Bank of Azerbaijan.

The participants were presented with studies conducted as part of the project of technical assistance from the Islamic Development Bank entitled “The Development of the Legal Framework for Islamic Banking”. The project is carried out by a consortium consisting of the Islamic Finance Advisory and Assurance Services (IFAAS) and Azerbaijan’s EKVITA Consulting company.

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The project’s main objective is to attract alternative investments and financial instruments, promote the development of banking, microfinance, securities market and insurance market, and to create conditions for the provision of new financial products and services in the local market, as well as for creating new opportunities for cooperation between companies operating in the field of finance.

Foreign experts made presentations on alternative financing mechanisms.

The round table was organized within implementation of the Strategic Roadmap for the Production of Consumer Goods at the Level of Small and Medium-Sized Enterprises of Azerbaijan, which proposes to expand alternative financing mechanisms and conduct research in this sphere.