The Republic of the Republic, which is actively supporting and is the initiator of a number of social projects in Azerbaijan, and the Association “Children’s Villages of SOS – Azerbaijan” signed a Memorandum of Cooperation.
Agreement signed the National Director of the Association “Children’s Villages of SOS – Azerbaijan” Zakir Soltanov and Chairman of the Board of the Bank of the Republic of Tariel Ismailov.
In the framework of the Agreement, the Bank of the Republic, the Association “Children’s Villages of SOS – Azerbaijan” and the University of Chicago will implement a joint project to prevent the return of children from low-income families to boarding schools. Within the framework of the project, special savings accounts with starting capital will be opened in the republic’s bank in the name of 200 children aged 7-12 years, selected from low-income families based on certain criteria. Then the amount that parents will contribute monthly to the account will be doubled the organizers. This will ensure the accumulation of social capital in children’s accounts.
According to the project, children, whose names will be opened, will take part at the opening stage with their parents. Thus, children will know that the account, open in their name, is aimed at their future. In addition, the Bank’s employees will meet with their parents and hold them educational training on social savings. It should be noted that the project will be implemented in Baku, Sumgait and Ganja for 3 years.
“This cooperation that will be an important contribution to the sustainable economic development of our country will bring its fruits in the coming years. The involvement of low-income families in children’s accumulative accounts will be introduced for the first time in the history of the country. With the help of this innovative financial instrument” SOS children’s villages – Azerbaijan “and the Republic of the Republic will contribute to the achievement of the UN objectives in the field of sustainable development: 8. Decent work and economic growth, as well as 17. Cooperation to achieve goals,” said Zakir Soltanov, National Director of the Association “Children’s Villages SOS – Azerbaijan”
“The Republic of the Republic successfully implemented a number of projects aimed at raising the level of education, skills and social security of children and young people in our country. We are very pleased that within our joint project with” SOS-Azerbaijan children’s villages “will be able to contribute To prevent the return of children from low-income families in boarding schools, “said the Chairman of the Board of the Bank, the Republic of Tariel Ismailov.