The State Secretariat for Economic Affairs of Switzerland is financing projects to help Azerbaijan diversifying its oil and gaz dominated economy. 50% of Azerbaijan's GDP is indeed coming from its oil field. That leaves fewer economic opportunities for SMEs development. Needless to say the linkages between the financial sector and SMEs are weak as well. With markets slowly emerging, Azerbaijan is a good example of the chicken-and-egg problem of the "finance and growth" debate. Does finance spur economic growth or is it the other way around ?
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