Azerbaijan, Baku, Nov. 23 /Trend J.Nasibova /
Within the World Bank (WB) project on modernization of the capital market in Azerbaijan, a WB mission led by project manager Uzman Khalil arrived in Azerbaijan. This was told Trend in the WB Baku office on Friday.
A seminar, dedicated to increasing the financial literacy level of Azerbaijani population, will be held on November 28 within the WB mission's visit. The event is supported by the World Bank and the Azerbaijani Central Bank.
The WB provided a loan to Azerbaijan for modernization project of the capital market in the amount of $ 12 million with a total project cost of $ 15.8 million. The project will be implemented through the credit resources of the International Bank for Reconstruction and Development (IBRD is a part of the WB group).
The Swiss State Secretariat for Economic Affairs (SECO) has approved a technical assistance of $ 1.6 million for the two components of the project on development of the capital market in Azerbaijan, including the improvement of the legal framework and the development of new financial instruments to promote offers in the market.
According to the data as of September 2012, published on the official website of the World Bank, some $480.000 has been mastered of the credit granted by the bank for this project.