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Development of Azerbaijan’s capital market development project is to be finalized in early 2011

Business Materials 22 December 2010 17:05 (UTC +04:00)

Azerbaijan, Baku, Dec.22 / Trend N. Ismayilova /

In early next year the preparation of the Project Appraisal Document for capital market development in Azerbaijan will be finalized, Philip Keller, representative of the Swiss State Secretariat for Economic Affairs (SECO) in Azerbaijan, said today.

"SECO will fund one of the components of this project and today the preparation of the Pad is underway, which will be completed in late January or early February next year," Keller said.

According to him, after the preparation, the document will be submitted for approval to the WB Board of Directors, which will happen approximately at the beginning of spring next year.

At present, the First Initiative program, funded by various international donor organizations and the World Bank, is specifying a design of project for capital market development. In general, the State Securities Committee (SSC) has reached an agreement with First Initiative on funding and technical assistance in the preparation of a strategy to develop Azerbaijan's capital market. During April-June this year within the implementation of this project the SSC and international experts planned to finalize the strategy on the development of Azerbaijan's capital market for 2011-2015 and the medium-term plan for its implementation. The project of modernization of the capital market envisages provision of a large-scale technical assistance in the implementation of this strategy.

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