Capital market development strategy in Azerbaijan to improve
Azerbaijan, Baku, Nov. 11 / Trend N.Ismayilova /
Baku hosted discussions in the framework of the FIRST Initiative Program to review a strategic document on capital market medium-term development in Azerbaijan. The program is implemented with the support of the Azerbaijani State Securities Committee and the World Bank, the committee reported today.
The discussion was attended by representatives of the State Securities Committee, the Economic Development Ministry, Finance Ministry, Central Bank and international organizations, as well as the management of professional market participants.
WB Manager in Azerbaijan Joseph Owen said the bank attaches great importance to cooperation with Azerbaijan and its participation in the capital market development. The strategy could serve as the basis of this cooperation, he added.
The State Securities Committee, WB experts and the State Secretariat for Economic Affairs (SECO) are preparing the capital market development strategy in Azerbaijan covering 2011-2015 and a medium-term action plan to accelerate the implementation, which implies international technical assistance.
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 - the Swiss Agency for Development and Cooperation, which, in turn, is part of the Swiss Foreign Ministry, and SECO, which is part of the Swiss Economy Ministry. The office was opened in Azerbaijan in 2002 to assist the country in implementing economic reforms. This assistance focuses on the implementation of infrastructure projects and projects to support the development of the financial sector, promote private sector development and support the government in conducting macroeconomic policy.