Rustam Tahirov: Expanding sustainable financing - CBA's main focus

The Central Bank of Azerbaijan (CBA) identifies mutually reinforcing policies and expanding sustainable financing as its primary focus, Rustam Tahirov, director of the Financial Sector Sustainable Development Department at the Central Bank of Azerbaijan, said at the 8th SDG Dialogue event held at the 51st Annual Meeting of the Islamic Development Bank Group in Baku, Report informs.

He also emphasized that the primary goal of green finance and public investment is not to find new sources of financing, but to allocate existing resources more rationally.

"The Central Bank of Azerbaijan (CBA) continues to strengthen the enabling environment for sustainable finance. Specifically, one of its priority areas is the development of a database infrastructure. To this end, cooperation with relevant government agencies is expanding, and work is underway to improve data accessibility and develop a database for assessing natural risks. At the same time, it is important to coordinate this policy with state and fiscal policy and make it more sustainable in terms of risk management. In the future, the CBA will continue to submit its proposals and recommendations for more effective application of the taxonomy to achieve the government's socioeconomic development and environmental protection goals," Tahirov added.