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TA-9658 AZE: Support for the Development of Non-Bank Finance and Alternative Financial Instruments to Develop Economic Diversification


To assess the enabling environment for non-bank and alternative financial services in manat, with the objective of increasing the range of available financial services in this sector.


MSL performed the following activities:


  1. Mobilization and Preparatory Activities: Mobilization of the Team and set up of the TA management system; Initial introductory meetings with ADB and the client; Identified a financial inclusion diagnosis methodology and tools to be used for the assignment; Reviewed and modified (if needed) the methodology, work plan and schedule; Submitted the revised methodology, work plan and schedule along with the financial inclusion diagnosis methodology and tools for approval.
  2. Assessment Report: Review and assess the current legal and institutional framework; Reviewed and assessed the policy, legal, and regulatory environment; Reviewed the supply and demand data; Review consumer and creditor protection policy and laws; Reviewed regional and international good practices; Identify critical success factors, including mechanisms to boost demand and recommend options; Assessed FIMSA’s regulatory and supervisory framework; Identify FIMSA’s capacity needs, including required resources, timeframes, expected benefits and impact of expanded credit union and cooperatives financial services and financial leasing services in manat; Identified current financing options and financing constraints at all stages and across all scales of enterprises in the sector; Identified financing needs and current sources of financing and characterize the financing gaps for different sets of actors; Interview and review existing financial institutions (public and private) to define constraints in product innovation, new financial instruments and mechanisms; Prepare Assessment Reports
  3. Action Plan: Develop five priority alternative financing instruments; Assisted FIMSA to address policy and risk issues including the options relating to uncollateralized lending and financial institution guarantee to underwrite or share risk of new products; Assisted FIMSA in drafting amendments to the current laws, new regulations, adapting guidelines and standard operating procedures as needed; Provided advice for transitional arrangements for the new or amended laws and regulations; Reviewed and assessed the current regulatory and supervisory framework and compare and contrast this against international and regional good practice; Recommended international and regional good practices and short, medium and long term measures; Developed a realistic and achievable reform action plan.
  4. Draft Guidance Notes, Standard Operating Procedures and Process Maps: Prepared guidance notes, standard operating procedures and process maps.


Timeframe: March 2019 – May 2020

Realated Countries: Azerbaijan

Client(s): ADB, Financial Market Supervision Authority (FIMSA)

Categories: PFM and Financial Management and Audit and Accounting, Technical Assistant

AddressBangladesh Office
Maxwell Stamp Ltd.
House # 2 (Ground Floor)
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Dhaka – 1212, Bangladesh
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