Capital market development project to launch in Azerbaijan in 2010 with WB support

Business Materials 21 January 2011 13:45 (UTC +04:00)

Azerbaijan, Baku, Jan. 21 / Trend E.Ismayilov /

The World Bank-financed capital market development project in Azerbaijan will likely launch in mid-2011, Azerbaijani State Securities Committee Chairman Rufat Aslanli said.

"Today, talks with the WB mission ended and the WB is expected to complete internal procedures in the next three or four months. Afterward, the project will launch in mid-2011," Aslanli said.

This project, he stressed, will focus on improving the legislative framework for the next stage of market infrastructure and the completion of securities trading automation in a single platform. It will also take measures to stimulate demand and supply in the market, he said.

A WB mission headed by WB Financial Program head and Financial Issues Coordinator in the South Caucasus Michael Edwards is on visit to Baku from Jan.11 to 21.

The WB is reviewing the possibility of allocating $5-$10 million 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 WB, to Azerbaijan for the 2011 fiscal year. The amount has been determined as $73 million. The Swiss State Secretariat for Economic Affairs will also finance one project component. SECO plans to provide technical assistance in the amount of $1.7 million to strengthen the capacity of capital market players.