SECO: Legal framework in movable property in Azerbaijan most advanced in region
Baku, Azerbaijan, Feb. 14
By Huseyn Veliyev - Trend:
Financial opportunities based on movable property are quite new experience for Azerbaijan, Simone Haeberli, deputy regional director for South Caucasus at the Swiss State Secretariat for Economic Affairs (SECO), Trend reports.
She was speaking at a conference entitled “Using Financing Opportunities to secure Movable Property”.
She said that the legislation of Azerbaijan in the application of this financial mechanism is the most advanced one in the region.
SECO and IFC provided great support in drafting the “Law on Encumbrance of Movable Property”, she noted.
The Financial Markets Supervisory Authority of Azerbaijan (FIMSA) created in 2017 supported the implementation of quite important reforms in the financial sector, she said. It is important to eliminate some nuances, she added.
This is related to the use of assets of small and medium businesses as collateral, she said.
For SECO, it is important to attract more people and parties to the use of financial resources and loans, she noted, adding that there is still work to be done in this direction.