By Trend

The Small Business Development Agency of the Republic of Azerbaijan (SMBDA) is negotiating with the Islamic Development Bank (IDB) to create an alternative source of lending to small and medium entrepreneurs in Azerbaijan, the Chairman of the Board of the SMBDA Orkhan Mammadov said at the 5th International Banking Forum in Baku, Trend reports

"Until today, half of the applications we received have been secured with financing. I also would like to note that entrepreneurs face problems in obtaining bank loans. Our Agency monitors these processes, and in accordance with world practice, we are negotiating with the IDB to create an alternative source of lending to small and medium-sized entrepreneurs. The agency, together with the country's leading banks, is negotiating this issue," he said.