Azerbaijan, Baku, Oct. 27 /Trend, I.Khalilova/
The State Secretariat for Economic Affairs of Switzerland (SECO) has decided to provide $1.7 million technical assistance to capital market development in Azerbaijan, the head of the national program of the Swiss Cooperation Office for the South Caucasus Naila Safarova said Wednesday.
"The final approval of technical assistance is expected soon," said Safarova.
The chairman of the State Securities Committee of Azerbaijan Rufat Aslanli said that the SECO grant funds will be directed towards strengthening the capacity of capital market players and the development of market institutions.
"As part of yesterday's talks with experts from the World Bank and SECO, we agreed actions with SECO and the World Bank, and in these negotiations, we came to a decision on the preparation of medium-term action plan to accelerate the implementation for which we will use international technical assistance," said the head of the SSC.
According to him, by the end of the first quarter of 2011, it is planned to finalize the action plan.
"A few months ago, we received technical assistance from the First Initiative Program, financed by various international donors and managed by the World Bank. As part of the technical assistance, international experts visited Azerbaijan and our concept of development strategy of the capital market has been discussed with them, some elements were added to it. And now the main task is to create synergies between various international technical assistances to accelerate reforms in the capital market," said Aslanli.
Azerbaijan became a WB member in 1992. During this period, the bank has approved loans worth $3 billion. Today more than $1.5 billion of these funds have been spent. Operating in Azerbaijan the Swiss Cooperation Office for the South Caucasus represents two organizations - Swiss Agency for Development and Cooperation (SDC), which, in turn, is part of the Swiss Foreign Ministry and the State Secretariat for Economic Affairs (SECO), which is part of the Ministry of Economy of Switzerland. The office was opened in Azerbaijan in 2002 to assist Azerbaijan in implementing economic reforms. This assistance focuses on the implementation of infrastructure projects, projects to support the development of the financial sector, promote private sector development, support the Government of Azerbaijan to conduct macroeconomic policy.