This comparative study seeks tocontribute to the ongoing dialogue and development of policyframeworks specifically in Azerbaijan and Central Asia.Given the IFC’s current transformation work in this area,the countries that have been included in this study areAzerbaijan, Kazakhstan, Kyrgyzstan, Mongolia, andTajikistan. To incorporate the experience of countriesoutside this region, the study includes Bolivia, Bosnia andHerzegovina (BiH), and Morocco. All of these countries havea legal system and policy framework that incorporatesmicrofinance. In most cases, these countries have adoptedspecialized legislation that creates a new legal window forMFIs that is distinct from existing and traditional types offinancial institutions. Despite these similarities there aresome notable differences among the policy frameworks thatare explored in the sections that follow. This study isdivided into four sections with three annexes. The firstsection explores microfinance in Azerbaijan and the CentralAsian contexts. The second section analyzes and compares thestructure and nature of the various policy frameworks andapproaches to regulation and supervision. The third sectioncompares permitted activities and restrictions among thedifferent institutional types. The fourth section looks atownership requirements and issues related to MFItransformation. Macroeconomic and microfinance specific datafor each of the countries has been compiled in tables inannex one. Annex two contains legislative profiles of eachof the countries organized under various categories. Annexthree lists the primary legislation for microfinance foreach of the countries. Finally, the body of work reviewed inpreparation of this study is noted in the section entitledresource materials.
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