IFC looks for state partner to promote bill in Azerbaijan
Azerbaijan, Baku, Oct. 27 / Trend A. Akhundov /
The IFC continues talks to find a state counter partner to promote the bill on movable property in Azerbaijan, IFC Project Coordinator in Azerbaijan Teymur Heybatov told media on Thursday.
"The project is under coordination with various state bodies," he said. That is, we are looking for a state counter partner."
He added that the talks are underway with the Azerbaijani Central Bank. It has not made a concrete decision yet.
"After a counter partner is determined and the work is launched, the law may be adopted within a year," he said.
He said a bill on movable property was prepared under a USAID support in 2008.
Baku held the conference on the role of the secured transactions movable property registry on Thursday.
"This conference showed that the level of interest of private sector in this bill is high," he said.
A movable property registry is expected to be created within the ACAFI project.
"The registry will include information on all kinds of movable property except that which already is registered, such as cars, and various types of equipment," Heybatov said earlier.
"It is assumed that such a registry would improve the analysis in lending at financial institutions, as well as positively impact leasing companies' activity," he said.
Heybatov added that it is also necessary to determine which state agency will operate the registry.