Azerbaijan, Baku, Oct. 13 /Trend corr. A.Akhundov/
Azerbaijan and Swiss State Secretariat for Economic Affairs (SECO) discussed realization of capital market modernization project and Corporate and Public Sector Accountability Project (CAPSAP).
A meeting with SECO Head of Macroeconomic Support Department Monica Rubiolo took place in the committee, Azerbaijani State Committee for Securities reported on Saturday.
According to the chairman of the committee Rufat Aslanli, the capital market modernization project holds important position in the country's financial market.
Rubilo said she is confident that the project will contribute to success of capital market development.
Broadening of potential in case of project's effective implementation, use of management mechanisms as well as prospects of further cooperation were discussed at the meeting.
SECO welcomed contributions in the amount of $1.6 million within the project for legislation improvement and development of new financial instruments of demand stimulation in the market. The World Bank (WB) has allocated a credit in the amount of $12 million to Azerbaijan. Financing of the project will be implemented through credit resources of International Bank of Reconstruction and Development, which is a member of the World Bank group.
Rubiolo has recently met with representatives of Azerbaijan's Accounting Chamber. During the meeting she was informed on work within CAPSAP project as well as on implementation of tender procedures.
Both sides noted importance of involvement of highly qualified consultants in order to reach project goals. Apart from the project the sides discussed development prospects of bilateral relations, potential fields of further cooperation between two structures and some other issues.
The total cost of CAPSAP project amounts to $24 million. The credit agreement on the project was signed in September of 2008. Its realization will last till the end of December 2012.
The project is financed through WB credit in the amount of $11 million, grants of PHRD Japanese fund ($3million0 and SECO ($ 2 million), Azerbaijani government ($8 million).
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