Umeyra Ibrahimova: Capital market dev’t to play key role in stimulating economic growth

Azerbaijan intends to implement measures to deepen the corporate securities market, which is an alternative source of financing, said Umeyra Ibrahimova, Director of the Capital Market Policy and Regulation Department at the Central Bank of Azerbaijan (CBA), during the 12th International Caspian Investment Forum, Report informs.

"Recently, we have witnessed increased attention towards Azerbaijan's capital markets, resulting in positive quantitative and qualitative changes in this sector," Ibrahimova noted.

She emphasized that the primary goal of capital markets is to connect investors seeking efficient fund management with those in need of financial resources. "Efficient and sustainable development of the capital market will play a decisive role in stimulating overall economic growth," the director added.

According to her, the socio-economic development strategy of Azerbaijan for 2022-2026 aims to enhance the role of almost all segments of the financial sector in the economy.

"Accessibility of financial services and expanding access to financial resources for the population and business entities play a special role in this strategy," Ibrahimova explained.

The director further highlighted that the strategy also focuses on developing and financing entrepreneurship and small and medium-sized businesses (SMEs). It includes measures to deepen the corporate securities market as an alternative financing source.

Ibrahimova added that these initiatives will make the investment environment more attractive and support the promotion of entrepreneurship and economic development.

"The Central Bank actively collaborates with other institutions to implement the country's socio-economic development strategy. I would like to underline that in the strategy for the development of the financial sector for 2024-2026 adopted by the Central Bank, along with the banking, insurance, and payment sectors, capital markets, which are an important sector of the financial system in our country, also play a special role," she concluded.