European Commission to Assist in Improvement of Investment Climate in Azerbaijan in 2008
Azerbaijan, Baku, 21 July / corr. Trend I.Khalilova / The European Commission (EC) will realize a project on technical aid to Azerbaijan in the amount of €3mln to improve investment climate and to support export development in the country not earlier than autumn of 2008, Rufat Mammadov, executive director of coordinating bureau of the Council of Europe (CE) technical assistance program (Tacis) in Azerbaijan, said. This project is included in an action plan for 2006, which was adopted by the EC on 15 June 2006, whilst a financial memorandum was signed in 2007 on this matter.
According to Mammadov, technical tasks have been prepared to sign and select and a consultant may be selected in September and October.
Assistance within the framework of improvement of investment climate in the country will be continuation of the work of the Technical Assistance to Commonwealth of Independent States (Tacis) with the Azerbaijani Export and Investment Promotion Fund (AZPROMO)
This project envisages development of the state strategy for introduction and development of investment portfolio in Azerbaijan, which assumes the work with the participants of the securities market, and improvement of legislation. Moreover, it is planned to operate the Baku stock exchange, which is of practical importance in the work with corporative participants of the securities market, as well as, individuals.
The project covers two or three years.
Support to the Azerbaijani projects through Tacis will be completed after development of the 2006 budget, amounting to €19mln. Further assistance in the country will be rendered within the framework of the European Neighborhood Policy's (ENP) program.
The correspondent can be contacted at: [email protected]