Azerbaijan, Baku, Oct.18 /Trend, N.Ismayilova/
Implementation of the World Bank (WB) Capital Market Modernization Project (CMMP) in Azerbaijan will begin in the coming months, said the chairman of the State Securities Committee of Azerbaijan Rufat Aslanli.
To prepare for the implementation of the project, the SSC on Monday hosted a meeting with the delegations Swiss State Secretariat for Economic Affairs (SECO) and the World Bank.
According to Aslanli, many companies have displayed an interest in participating in this project.
The Azerbaijani Government and the WB signed a loan agreement for the Capital Market Modernization Project (CMMP) in September in Baku. The WB has allocated a loan worth $ 12 million to Azerbaijan for the project realization.
The project will be funded through credit resources of the International Bank for Reconstruction and Development (IBRD is part of the WB).
The Swiss State Secretariat for Economic Affairs (SECO) will finance two components of the CMMP - improving the legal framework and development of new financial incentive instruments on the market. SECO approved the allocation of technical assistance worth $1.6 million for this project.
During the project realization, a particular attention will be paid to improving the legislative framework for the next stage and market infrastructure. Measures will be taken to stimulate demand and supply in the market.