WB finalizes preparation of capital market development project in Azerbaijan

Business Materials 10 January 2011 14:30 (UTC +04:00)

Azerbaijan, Baku, Jan.10 / Trend N. Ismayilova /

The World Bank (WB) mission headed by the World Bank's financial Program Head and Financial Issues Coordinator in the South Caucasus, Michael Edwards, will visit Baku from Jan.11 to 21, the bank's Baku Office said.

The main goal of the visit is to discuss and prepare a capital market development project in Azerbaijan.

A final decision on funding the project is scheduled between late Jan. and early Feb. 2011. World Bank conducted an assessment of the main directions of the project already in mid-2010.

World Bank considers the possibility of allocating 5-10 million dollars for capital market development in Azerbaijan, the bank's Baku Office said earlier.

A favorable loan may be allocated from the quotas of the International Development Association, including the World Bank, to Azerbaijan for the 2011 fiscal year, which has determined in the amount of $73 million. The Swiss State Secretariat for Economic Affairs (SECO) will also finance one component of this project, with presently preparation of the Project Appraisal Document (PAD) underway. SECO plans to provide technical assistance in the amount of $1.7 million to strengthen the capacity of capital market players and the development of market institutions within this project.