Six companies in Azerbaijan to compete for capital market’s modernization
Azerbaijan, Baku, Dec. 23 / Trend N.Ismayilova/
The results of preliminary stage of tender procedures on attracting a consulting company under the project of capital markets modernization funded jointly with the World Bank have been announced, the State Committee for Securities said in a statement on Thursday
Tender to attract a consultant was announced in October 2011. Thus, 46 organizations from 22 developed countries have submitted bills by October 20. These countries include the United States, Germany, France, Sweden, Turkey, Australia, and Japan.
Finally 6 organizations were included on the shortlist - Corporate solutions, Deloitte & Touche LLC, DLA Piper, Türkiyə kapital bazarları şurası, NASDAQ OMX, Adetef.
The next stage envisages submitting to the State Committee for Securities financial and technical proposals by these companies. The winner will be elected after the bids are submitted.
The World Bank approved a $21.6 million loan to Azerbaijan to implement the project of
capital markets modernization. The project will be funded by the International Bank for Reconstruction and Development (which is part of the WB).
State Secretariat for Economic Affairs of Switzerland (SECO) will fund two elements under the project of Azerbaijan capital market modernization - to improve legislative base and develop new financial instruments of encouraging supply in the market. Under this project SECO approved allocation of technical aid worth $1.6 million.
While implementing the project a special attention will be paid to the improvement of legislative base in the next stage, market infrastructure and completion of securities trade automation under the single platform. Also measures will be taken to encourage demand and supply on the market