Azerbaijan, Baku / Trend corr. I. Khalilova / The mission of the World Bank headed by the Senior Specialist in the finance sector, Michael Edwards, will once again visit Baku by the end of this week to continue talks on the new project 'Finance System Modernization in Azerbaijan', said the director of Statistics and Research of the National Bank of Azerbaijan, Emin Huseynov. The previous visit of the mission took place in September.
"We seriously intend to realize this project and hope that we will reach an agreement with the Finance Ministry and the WB because we consider that it will play a significant role in developing the financial sector of Azerbaijan," Huseynov said.
The country manager of the WB in Azerbaijan, Gregory Jedrzejczak, said on 8 September that the list of projects submitted by the WB to the Finance Ministry of Azerbaijan, which may be financed on privileged terms, also includes project on financial sector modernization.
The project is planned to cover all key directions of the country's financial system.
The conception of the project is that the World Bank is ready to support Azerbaijan, within financial and equipment terms. 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 yet 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 to 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, the 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.
The 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 the NBA hopes for future cooperation.