Azerbaijan, Baku, Jan. 24 / Trend N. Ismayilova /
The World Bank expects that the final draft project of the capital market development in Azerbaijan, financed jointly with the government, will be completed in February-March this year, the WB Office in Baku said.
"The project is likely to be submitted to the WB Board of Directors in April," the bank said
World Bank considers the possibility of allocating $10 million for capital market development in Azerbaijan. The total cost of the project is estimated at $12-13 million.
Rufat Aslanli, the chairman of the State Securities Committee, said that this project will focus on improving the legislative base at the next stage, market infrastructure, and completing the process of automating the trading securities process within a single platform. The measures will be taken to stimulate demand and supply on the market.
The WB mission headed by WB Financial Program head and Financial Issues Coordinator in the South Caucasus Michael Edwards is in Baku from Jan. 11 to 21.
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 preparation of the Project Appraisal Document (PAD) presently 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.