Azerbaijan, Baku, Sept. 11 / Trend A.Hasanov /
On September 13, the governments of Azerbaijan and Switzerland will sign an agreement in Baku on technical assistance to project the modernisation of the capital market of Azerbaijan. The signing ceremony will take place in the administrative building of the State Securities Committee (SSC) of Azerbaijan, the committee said on Tuesday.
Technical assistance will be provided to two components of the project: renewal and the strengthening of the legal and regulatory framework and promotion of supply.
'The capital market modernisation project will provide the necessary technical and organisational support to the implementation of the state programme of development of the securities market in 2011-2020', the statement said.
The World Bank (WB) has provided Azerbaijan with a loan of $12 million towards the project. It will be funded through the loans of the International Bank for Reconstruction and Development (IBRD is part of the WB Group).
The Swiss State Secretariat for Economic Affairs (SECO) has approved allocation of technical assistance of $1.6 million for the two components under the capital market development project in Azerbaijan. These relate to improvement of the legal framework and the development of new financial instruments to promote supply on the market.
In implementing the project, special attention will be paid to the improvement of the legal framework for the next stage, market infrastructure and completion of the process of automation of securities trading on a single platform and measures to stimulate demand and supply in the market will be taken.