Financial Services Working Group

On September 19, 2024, a joint meeting of AHK Azerbaijan’s Financial Services and Agriculture & Food Industry Working Groups was held at the AHK Azerbaijan office. The main topic of the meeting was “Raising Capital through Securities.” The event was opened by Mr Ilgar Aliyev, Vice-Chairperson of the Agriculture & Food Industry Working Group, who welcomed the participants and provided information about the meeting’s agenda and topic.

The guest speaker at the meeting was Ms Anjela Ramazanova, Head of the Listing Department at the Baku Stock Exchange (BSE). After greeting the participants, she gave a comprehensive overview of the history, structure, and activities of the BSE. Ms Ramazanova also spoke about the recent rebranding process at the BSE and its new strategic plan.

On September 17, 2024, the Financial Services Working Group of AHK Azerbaijan convened at its office to discuss "Green Financing and the Transition to a Green Economy." This meeting was part of AHK Azerbaijan’s broader series of initiatives under the motto "Innovate, Collaborate, Transform - Expectations for COP29," which aims to support green development.

The meeting was opened by Mr Ilkin Guliyev, Chairman of the Financial Services Working Group, who greeted the participants and outlined the course and topic of the discussion. He also provided a brief overview of the previous meeting. Mr Guliyev emphasised the relevance of green financing, noting the significant role of the European Bank for Reconstruction and Development (EBRD) in promoting this trend.

Mr Elmin Ibrahimov, Principal Banker at EBRD, served as the guest speaker. He began by providing an overview of EBRD’s activities in Azerbaijan, with a focus on the organisation’s key areas: Energy Efficiency, Renewable Energy, and Sustainable Infrastructure. Mr Ibrahimov then introduced the EBRD's green financial products, including Green Bonds, Green Loans, Sustainability-Linked Bonds, and Sustainability-Linked Loans, detailing how each product operates under specific principles of green finance.

At the next meeting of the Financial Services Working Group of AHK Azerbaijan held on March 13, 2024, at the Head Office of AccessBank CJSC, the areas of activity of the Entrepreneurship Development Fund and preferential financial mechanisms were discussed, as well as the banking services and products available for AHK Azerbaijan members within the framework of cooperation with EDF. At the meeting participated Tobias Baumann, Executive Board Member of AHK Azerbaijan, Ilkin Guliyev, Member of the Board of AccessBank CJSC and Chairman of the Financial Services Working Group, as the moderator of the meeting. Guest speakers included Osman Khaliyev, Chairman of the Management Board of the Entrepreneurship Development Fund, and Javid Aliyev, Director of small, medium, and corporate clients at AccessBank CJSC.

Declaring the meeting open, Tobias Baumann welcomed the participants and informed them about the progress of the meeting. Later, the moderator of the meeting, Mr Guliyev, greeted the participants and gave the audience extensive information about the bank's activities. Then he gave the floor to Mr Khaliyev.

On 20 June 2023, the next meeting of the Financial Services Working Group took place with the participation of more than 20 company representatives. The meeting revolved around the current law and regulations with regard to financial technologies (fintech) in Azerbaijan.

We were joined by the representatives of BHM Law Firm LLC, Ms Gulnar Gurbanova and Ms Turkan Hajiyeva, who gave valuable insights into the regulatory framework for fintech in Azerbaijan and explored potential areas for improvement and development.

The meeting continued with a Q&A session with the participation of Mr Farid Osmanov, Executive Director of the Central Bank of the Republic of Azerbaijan, moderated by Mr Afgan Bakhishov, Chairperson of the AHK Azerbaijan Financial Services Working Group.