Asian Development Bank (ADB) has developed its own new financial products.
Since 2010, ADB has launched a large microfinance program, supported approximately $2.3 billion in loans, and mobilized $1.2 billion in cofinancing.
As Day.Az reported on Wednesday with reference to Trend, the newly appointed ADB Country Director for Azerbaijan said this Sunni Durrani-Jamal during the conference on the topic “Innovative solutions for sustainable microfinance”.
Financial inclusion of low-income and vulnerable communities, as well as access to finance for small and medium-sized enterprises, is an important part of ADB’s strategy to create jobs, increase income and reduce poverty, she said.
“Since 2010, ADB has launched a large microfinance program, provided nearly $1.8 billion in loan support and leveraged $881 million in cofinancing. We have provided microloans to more than 10 million borrowers. It is worth noting that 98 percent of our borrowers are women “, she said.
S. Durrani-Jamal noted that ADB provides advice on improving regulatory practices that promote responsible market growth, increased coverage, and improved services.
“This includes new services such as payments, savings products, microinsurance and new service delivery mechanisms such as branchless banking and, of course, mobile banking. ADB has provided such advice to the Azerbaijani government, including the Central Bank. In addition, ADB offers trade and chain finance. In addition, we partner with microfinance institutions directly, whether through direct loans, risk-sharing agreements or guarantees, which enable them to expand their activities. Finally, as a climate bank for Asia and the Pacific, we understand that in. In the event of a disaster, microfinance institutions’ balance sheets suffer, meaning they are unable to quickly respond to communities’ funding or recovery needs. That’s why we have developed our own new financial products, such as disaster risk financing solutions, which we also promote to our clients and agencies,” she added. she.