WB begins negotiations on new project in Azerbaijani financial sector
Azerbaijan, Baku, June 25 / Trend N.Ismayilova /
A World Bank's (WB) mission headed by the headed by chief of the financial program and financial coordinator for the South Caucasus Michael Edwards will visit Baku from June 25 to July 1, the WB Baku Office reported today.
The main purpose of the visit is to familiarize with the implementation of projects implemented in the bank financial sector, in particular, the project development of financial services. The project provides for enforcement of Azerpocht in line with the requirements for risk management, emerging in the field of financial services.
The total cost of the project, the main component of which is the modernization of the postal network of the country is $17.5 million. About $12.25 million fall to WB loan and the rest - the share of the Azerbaijani government. The Swiss government also provided technical assistance for the realization of the project worth $612,000. The realization of this project was extended until this summer to complete the technical processes without additional resources.
In addition, the mission is expected to start negotiations on the preparation of a new project on development of the capital market initiated by the Azerbaijani State Securities Committee.
The project envisions creation of a new architecture of the trading system of the Azerbaijani securities market. The project will cover the issues on improvement of the trading system of Baku Stock Exchange, National Depository Center, professional participants of the securities market and the purchase of licensed software.
The project will create an e-commerce system, which will be matched with the current payment system of the Central Bank. This will ensure the securities trade on the Baku Stock Exchange in online regime, as well as create opportunities to transfer rights for securities in e-format.
Do you have any feedback? Contact our journalist at: [email protected]