Azerbaijan, Baku / Trend corr. I.Khalilova / The mission of the World Bank headed by the Senior Specialist in the finance sector, Michel Edvards, is presently in Baku to identify the new project to upgrade the financial system in Azerbaijan, the Baku representative of the World Bank reported. The visit will be completed on 26 September.
The conception of the project is that the World Bank is ready to support Azerbaijan, within financial and equipment spheres. Furthermore, the project envisages the development of the bank and financial sector of the country, as well as capital market and securities.
The financial part of the project has not been defined as the final components have not been chosen. The fee for the project will be defined after the assessment. This will be the last credit of the International Association of Development, stipulated for the support of the financial sector of the country.
The World Bank allocated $5.4mln for the financial sector, and $12mln to develop financial services.
The National Bank of Azerbaijan began holding negotiations with international organizations to draw financial aid for future modernization of the Centralized Credit List functioning at the NBA.
Within the framework of the project of the World Bank to modernize the financial sector of Azerbaijan, NBA has already expressed its idea to introduce the second stage of the development of the credit list in the project. Initially the issue should be considered by the government.
NBA, within the framework of cooperation with the US Agency of International Development (USAID), has proposed to include this direction. The Agency has already financed the visit of the consultant to control and define directions for the future credit list. The recommendations developed by the consultant have already been considered and NBA hopes for future cooperation.