WB to prepare implementation of capital markets modernization project for Azerbaijan

Business Materials 11 May 2011 21:04 (UTC +04:00)

Azerbaijan, Baku, May 11 /Trend, N.Ismayilova/

WB mission headed by director of financial program and coordinator for financial matters in the South Caucasus Michael Edwards will start visiting Azerbaijan on May 26 to discuss WB activities in the financial sector of Azerbaijan, WB Baku office said. The mission will stay in the country by June 15.

During the visit, consultations will be conducted as part of WB technical assistance in the field of consumer rights protection. Also preparations will be conducted to implement the Capital Markets Modernization Project (CMMP) for Azerbaijan. Bank has approved $12 million for its realization. This project is a continuation of WB support to the Government of Azerbaijan in strengthening and diversifying the financial sector.

The CMMP is designed to support the medium-term growth of private sector by providing opportunities for sustainable, alternative sources of financing, thereby contributing to the first strategic objective of the World Bank's 2011 - 2014 Country Partnership Strategy (CPS), strengthening the non-oil economy.

Swiss State Secretariat for Economic Affairs (SECO) will also finance one component of this project. SECO plans to provide technical assistance in amount of $1.7 million to strengthen the capacity of capital market players and the development of market institutions within this project.