Azerbaijan, Baku, Oct.27 / Trend I. Khalilova /
The World Bank (WB) plans in December to discuss the project of modernization of capital market in Azerbaijan, funding of which is envisaged within a new cooperation strategy with the bank (for 2011-14), the Azerbaijani State Securities Committee chairman Rufat Aslanli said today.
"The final decision on the project funding is scheduled for late January - early February 2011," Aslanli said
He said the WB conducted an assessment of the project's main directions in mid-2010.
"The bank has its own position on the project cost, and we don't think that it is unfounded. To talk about specific funding main directions and circle of coverage of this project should be agreed," Aslanli said.
Status of preparation of a project of modernization of the capital market was discussed Tuesday at the SSC at a meeting with the WB's Lead Financial Sector Specialist Michael Edwards and with a delegation of the State Secretariat for Economic Affairs of Switzerland (SECO). According to Aslanli the discussions will continue.
The World Bank considers allocation of 5-10 million dollars for capital market development in Azerbaijan, the bank's Baku Office said earlier.
A favourable loan may be allocated from the quotas of the International Development Association (included in the World Bank) for Azerbaijan for the 2011 fiscal year, which is determined in the amount of 73 million dollars in order to finance this project.