The Road Map was presented at the meeting of the Working Group of the Commission on Business Environment and International Ratings, Development of Financial Markets and Access to Credit.

"APA-Economics" was informed about this by the Central Bank of Azerbaijan.

It was noted that the draft Action Plan for 2023 of the Working Group and the implementation of improvements in the relevant field related to the "Financial Services" indicator of the World Bank Group's "Favorable Business Environment" project based on the Action Plan for 2022 were discussed at the meeting. Information was given about the Road Map (Road Map) and discussions were held in this direction.

The Roadmap consists of a total of 3 sub-indicators, 11 components, 47 sub-components and 42 measures.

18 of these measures include activities related to sustainable financing, 12 activities related to the operation of credit bureaus and registries, 5 activities related to the effectiveness of obtaining loans, 5 activities related to electronic payments, and 2 activities related to the formation of a regulatory framework for business loans and secured transactions.

First, information was provided on the measures planned in the direction of sustainable financing.

These measures include the creation of a legal framework related to green bonds, the development of a Sustainable Finance Roadmap and taxonomy (a system for classifying economic activities), the development of a green bond issuance procedure, as well as the inclusion of climate risk in the financial control framework and the formation of a regulatory framework related to green loans.

Also, the measures planned to be implemented in the direction of the activities of credit bureaus and registers were mentioned.

In this direction, measures have been determined to expand the scope of information submitted to credit bureaus and registries, improve the scoring model of borrowers, expand the scope of the register of encumbrance of movable property, and investigate the possibilities of applying the mechanism of fiduciary transfer of ownership.

In the continuation of the meeting, information was provided regarding the effectiveness of obtaining loans, electronic payments, as well as the measures planned in the direction of the regulatory framework for business loans and secured transactions.

These measures include diagnosis of the current situation, implementation of educational and propaganda measures, conducting relevant surveys and preparation of proposals for improvement, as well as supporting the improvement of existing legislation.

At the meeting, the draft of the Action Plan for 2023 was considered acceptable and it was decided to start the implementation of the measures by the executive bodies of the Road Map in accordance with the implementation periods.

The meeting was attended by the Central Bank, Cabinet of Ministers, Ministry of Economy, Ministry of Finance, Ministry of Ecology and Natural Resources, Financial Monitoring Service, Small and Medium Business Development Agency, Economic Reforms Analysis and Communication Center, Azerbaijan Banks Association, Azerbaijan Credit Bureau, Azerbaijan Microfinance Association, Azerbaijan Representatives of the Association of Insurers, the State Oil Fund, "Ensis Law Firm" LLC, "AzFinance Investment Company" CJSC and "Asian Development Bank" participated.