Azerbaijan eyes to expand range of financing tools

By Trend

Azerbaijan plans to expand the range of financing tools, Vice President of the National Confederation of Employers' Organizations of the Azerbaijan Republic Vugar Zeynalov told Trend.

Zeynalov said that the confederation is aimed at increasing the availability of financial resources in Azerbaijan.

"We should create new financing tools and develop the issuance of funds under leasing, factoring, subsidizing and some other types," the vice president said. "Islamic banking includes at least four financing tools that provide the population and businesses with the access to the financial resources."

The vice-president stressed that today the availability of foreign countries' financing tools can not be expanded in the local market due to the Azerbaijani legislation and legal environment.

"The work is already underway to optimize the legislation and our confederation is conducting research on this market," Zeynalov added.