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WB to submit reports on business incentives and funds in Azerbaijan

Business Materials 27 September 2013 16:44 (UTC +04:00)

Azerbaijan, Baku, Sept. 27 / Trend E. Aliyev /

The World Bank (WB) will submit the reports on financing and stimulating entrepreneurship in the country to the Azerbaijani government on Monday, WB Baku Office told Trend on Friday.

"A WB mission headed by finance manager Aurora Ferrari will arrive in Baku," the office said. The mission will remain in the country until October 2.

Reports have been prepared following market research conducted as part of the modernisation project of the capital market. The World Bank delivered a loan worth $12 million at a total project cost of $15.8 million to Azerbaijan. The project will be financed at the expense of credit resources of the International Bank for Reconstruction and Development (IBRD is part of WB group).

The Swiss State Secretariat for Economic Affairs (SECO) has approved technical assistance amounting to $1.6 million for the two components within the capital market development project in Azerbaijan. This relates to improvement of the legal framework and development of new financial instruments of stimulating the market supply.

The investment portfolio of the World Bank in Azerbaijan includes 17 projects. Since Azerbaijan's joining the World Bank, 54 projects worth more than $3 billion have been financed by the bank.

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