World Bank To Fix Data of Negotiations on CAPSAP Project in Azerbaijan

Business Materials 11 February 2008 19:42 (UTC +04:00)

Azerbaijan, Baku, 11 February/ corr. Trend I. Khalilova/ Talks between the Azerbaijani Government and World Bank on the project of accounting in cooperative and the State sector of Azerbaijan (CAPSAP) worth $25mln will be held in Baku on 14 February, the Baku branch of the bank said on 11 February.

The bank will allocate credit worth of $11mln through the International Association of Development (for 35 years with a grace period of 10 years and with 0.75% interest rates).

The project includes three components. The first component includes the reforming of the book-keeping in the cooperative sector and the introduction of international standards of the finance accountability in the organizations of public significance and the development of Audit Chamber.

The third component includes the establishment of the Research Center, the center for the teaching of the book-keeping in Azerbaijan and the supply of the accountants with new instruments as well.

The introduction of the International Standards of the Finance Accountability by 20 organizations of public importance began in 2008.

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