WB to hold review of financial projects in Azerbaijan
Azerbaijan, Baku, October 22 / Trend , N.Ismayilova /
The mission of the World Bank (WB) on the Financial Services Development Project, which is headed by the director of the financial program of the bank and coordinator on financial affairs in South Caucasus Michael Edwards started visiting Baku on Oct. 22, WB Baku office said.
The main goal of the visit is to get familiarized with the realization process of this project and other projects implemented by the Bank in the financial sector in the country - Financial Sector Technical Assistance (FSTA) Project, for which the Bank provided $5.4 million.
The project envisages bringing Azerpocht activities into conformity with the requirements on risk management in the field of financial services.
According to the amendments to the Law on Postal Communication, the functions of Azerpocht have already been expanded. In the near future country's post offices will provide banking services - money transfers, receiving deposits of the population, as well as issuing pensions and benefits that will be provided by post offices without any obstacles. The functions of Azerpocht not only includes the opening of credit lines.
The cost of the three year project, the main component of which is modernization of the postal network of the country, made up $17,5mln, with $12,25 credit allocated by the World Bank, the remaining allotted by the Azerbaijani government. One thousand new jobs will be created under the framework of the program. The government of Switzerland also provided $612,000 technical assistance for the project.
Realization of the first project was completed, and the second one is expected to be completed by the end of 2009.
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