ICF Reviews Regional Project in Azerbaijan

Business Materials 26 September 2008 12:05 (UTC +04:00)

Azerbaijan, Baku, 26 September / corr. Trend I.Khalilova / The International Currency Fund (ICF) mission headed by the regional project coordinator Werner Riky launched a visit to Azerbaijan to review a regional technical assistance project and widen opportunities in improvement of state debt management and development of the state securities market, the IFC Baku Office told Trend .

Consultations with the Finances Ministry and Baku Stock Exchange will be continued by 11 October. The three-day seminar will be conducted in the Bank's training unit from 8 to 10 October during the visit to Azerbaijan.

This project is developed on the basis of the experience of the last project on state debt management and will broaden activities in beneficiary countries by rendering support to development of the state securities market.

Under the project it is planned to strengthen the contacts between the Finances Ministry and the National Bank, widen turnover and the coverage the state securities market, review the legislation in sphere of securities and provide recommendations in Azerbaijan. The project aims providing the securities market's competitiveness and preparation to management of possibilities and problems, arising during implementation of the currency policy by NBA to develop fiscal market.

The regional project of ICF is implemented with the technical assistance of Switzerland's State Secretariat on economical issues (Seco). The technical assistance to the project which will take three year to complete is $2mln. The project is implemented by the Technical Management Office of ICF, located on Bishkek and is allocated for Azerbaijan, Kyrgyzstan and Tajikistan. 30% of the total volume of technical assistance will be granted to Azerbaijan.

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