New alternative ways of financial access to appear in Azerbaijan
Baku, Azerbaijan, March 13
By Abbas Akhundov - Trend:
Establishing a training centre for capital market participants will increase reliability on the Azerbaijani securities market, head of WB office in Baku Larisa Leshchenko said at the opening of the centre on March 13.
The training centre was established as part of the WB project for the modernisation of the capital market in Azerbaijan.
"The most successful world countries achieved diversification of the economy by investing in three major components, namely institutional development, infrastructure and human capital development," she said. "Opening the training centre will combine the work on all these components."
"The centre's activity will enable the development of new alternative ways of gaining access to the funds in the country in the medium term," she said.
"Today, one of the obstacles to economic diversification in the country is a limited access to finance," she added. "At present, it is easy to get money for one year at high interest rates, but the real sector does not need it."
In conclusion, she reiterated WB's willingness to contribute to the government's efforts to develop the three pillars of economic diversification.
The World Bank delivered a loan worth $12 million at a total project cost of $15.8 million to Azerbaijan. The project will be financed at the expense of credit resources 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 technical assistance amounting to $1.6 million for the two components within the capital market development project in Azerbaijan. This relates to improvement of the legal framework and development of new financial instruments to stimulate market supply.
Translated by NH
Edited by SM