The World Bank and Azerbaijan have explored collaborative steps to make it easier for small and medium businesses (SMBs) to get financing.
Orkhan Mammadov, the board chairman of the Small and Medium Business Development Agency (SMBDA) of Azerbaijan, and Sarah Michael, the country manager of the World Bank in Azerbaijan, met to address the issue, as reported by Azernews.
The parties also discussed implementing collaborative initiatives for SMBs in the aforementioned direction during the meeting.
SMBDA keeps in touch with local and international business people through meetings in order to deepen relationships and launch new projects.
In 1992, Azerbaijan acceded to the WB. Since then, the bank has provided funding for more than 50 projects, totaling $4.4 billion in pledges. In order to strengthen the nation’s institutional ability and develop effective oil resource management, it began economic cooperation with Azerbaijan.
The extensive changes implemented in Azerbaijan have always had the support of the WB.
Additionally, to promote small and medium businesses, Azerbaijan has held meetings and joint collaborations with Belgium, too.
SMBDA’s Mammadov met with Belgium ambassador Michel Peetermans, and Trade and Investment Commissioners at the Consulate General of Belgium in Turkiye Gerard Seghers and Sara Deckmyn.
The collaboration between Azerbaijan and Belgium dates back to 1992 when they kicked off their diplomatic ties.
Last year, the trade turnover between the two countries amounted to $91.4 million.
