WB to present results of financial services development project in Azerbaijan
Azerbaijan, Baku, Nov. 25 / Trend N. Ismayilova /
A World Bank mission headed by Financial Program Chief and Coordinator for Financial Affairs in the South Caucasus Michael Edwards will visit Baku from Nov. 30 to Dec. 6, the WB Baku Office said today.
The visit aims to present the results of a financial services development project. Within the project, which end this summer, the country's Azerpocht postal operator was brought in line with international norms for managing risks in the sphere of financial services. An official presentation will be held in early December.
During the visit, the mission is also expected to hold talks with the Azerbaijani State Securities Committee to prepare a draft on capital market development.
The total cost of the project, which centered on modernizing the postal network, is $17.5 million. Roughly $12.25 million was provided by a WB loan. The remaining sum was provided by the Azerbaijani government. The Swiss government also provided technical assistance worth $612,000 to implement the project.
The project's implementation was extended to this summer to complete technical processes without extra resources. As a result of the project, the operator received a license in April to provide limited banking services from the Central Bank of Azerbaijan.
The WB is considering allocating $5-10 million for the development of Azerbaijan's capital market. A favorable loan worth $73 million may be provided to Azerbaijan for the 2011 fiscal year from the International Development Association's quotas.