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Georgian expert: Azerbaijan least affected by global financial crisis

Business Materials 27 May 2010 17:02 (UTC +04:00)
The South Caucasus countries could not escape the consequences of the global financial crisis due to lack of development in these countries' financial markets, Georgian Strategic and International Studies Foundation senior representative Vladimer Papava said at the conference on "Inter-regional Banking Cooperation: Reliable financial future " passing in Baku.
Georgian expert: Azerbaijan least affected by global financial crisis

Azerbaijan, Baku, May 27 / Trend A.Badalova /

The South Caucasus countries could not escape the consequences of the global financial crisis due to lack of development in these countries' financial markets, Georgian Strategic and International Studies Foundation senior representative Vladimer Papava said at the conference on "Inter-regional Banking Cooperation: Reliable financial future " passing in Baku.

"However, there are significant differences in the economic situation in these countries and Azerbaijan, as compared to other countries the financial crisis least affected the country," Papava said. "This was facilitated by two factors - lack of development in the financial sector and the dominance of oil and gas sector in the economy."

Members of the banks associations of all European and CIS countries, representatives of the international organizations and heads of the state authorities were invited to the event.  

The event was organized by the Azerbaijani Banks Association (ABA) with the support of the European Banking Federation (EBF). The conference discusses the prospects for eliminating barriers to international cooperation and the role of financial centers in the integration of financial and banking systems.

Following the conference May 28, Baku will host the 30th meeting of the EBF associate members.

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