Azerbaijan, Baku, Sept. 13 / Trend A. Akhundov /
At present, the Swiss government has allocated grants totalling $70 million to Azerbaijan, Swiss ambassador to Azerbaijan Sabine Ulmann Shaban said at the signing ceremony of the technical assistance project on improving the Azerbaijani capital market today.
"Azerbaijan is a priority country for Switzerland," the diplomat said. "Switzerland has contributed to the development of Azerbaijan's non-oil sector, the support for macroeconomic stability and the development of villages."
She said that Switzerland and Azerbaijan will continue cooperating in the future within the new strategy. The capital market modernisation project is a logical continuation of Switzerland's support for Azerbaijani financial market. It is designed to play a certain role in developing the non-oil sector of the economy.
The ambassador expressed hope for a rapid adoption of the new law on 'Securities', as well as confidence in the further development of cooperation with Azerbaijan.
The Swiss government is investing in the Azerbaijani economy through the Swiss State Secretariat for Economic Affairs (SECO) and the Swiss Agency for Development and Cooperation (SDC).
Around $4-6 million are annually allocated to finance the projects within SECO and up to $2 million within SDC.
The Swiss Cooperation Office for the South Caucasus acting in Azerbaijan represents two organisations - Swiss Agency for Development and Cooperation - SDC, which, in turn, is part of the Swiss Foreign Ministry and the State Secretariat for Economic Affairs - SECO) is part of the Ministry of Economic Affairs of Switzerland.
The office was opened in Azerbaijan in 2002 to assist the country with economic reforms. This assistance focuses on infrastructure projects, projects to support financial sector development, promoting private sector development and supporting the Azerbaijani government in conducting macroeconomic policy.