WB, Azerbaijan sign negotiations protocol
Azerbaijan, Baku, Feb. 21 / Trend N.Ismayilova /
The World Bank and the Azerbaijani government have concluded their negotiations within the framework of the capital market development project in the country and signed a final protocol, the WB Baku Office said on Monday.
"Following the talks, the sides signed a protocol that was submitted for approval by the Board of Directors. The structure is expected to approve the project loan on May 17," the office said.
The bank will allocate $12 million for the project and the government will pay the cost of the VAT paid for goods, services, project item imports.
The Swiss State Secretariat for Economic Affairs will finance two components of the project capital market development project in Azerbaijan to improve the legislative framework and develop new financial instruments to incentive offerings. Under this project, the SECO plans to provide technical assistance amounting to about $2 million.
Negotiations between the WB and the government were conducted via video conference.
The project funding will be implemented at the expense of the credit resources of the International Bank for Reconstruction and Development.