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SECO to approve technical assistance to reforms on Azerbaijani financial infrastructures

Business Materials 19 September 2009 15:35 (UTC +04:00)

Azerbaijan, Baku, Sept.19. / Trend N. Ismayilova /

The Swiss State Secretariat for Economic Affairs (SECO) launched the process of approval of the project of reforms on the Azerbaijani financial infrastructure, head of the SECO National Program in Azerbaijan, Naila Safarova, said on Sept.19.

"The project has already passed the first stage of the approval and the next stage of its approval is expected to be at the board of directors," Safarova said.

According to Safarova, the second phase of the project approval is expected to be completed within a month.
Earlier, the beginning of the project was postponed from July to early September due to staff replacement at the SECO headquarters.

The cost of the SECO technical assistance to the implementation of this project, which includes measures under the anti-crisis program, is $3million. The project covers areas such as improving risk management, certification process, financial education and legislation in the field of credit unions.
The beneficiary of technical assistance is the Azerbaijani Central Bank.

"As improving risk management is a response to the crisis measures, we are interested in supporting this project, which is already being implemented by the U.S Agency for International Development (USAID)," Safarova said.

The total project cost is about $800,000 and the USAID has already allocated $0.5 million of this amount. It is planned to cover the remaining funding via SECO. This mechanism envisages the establishment Alarm Systems, a crisis response system to, particularly the definition of the necessary preventive measures to minimize risks in any financial situation.

Under the global financial crisis, the question of risk management is most urgent.

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