Switzerland invests $97 million to aid transition process in Azerbaijan’s economy
Switzerland invested over 85 million Swiss francs in Azerbaijan's economy, said a Swiss official in Baku.
The investment was made in the implementation of the transition processes of Azerbaijan's economy. This included reforms in the country's finance sector, Deputy Regional Director of the State Secretariat for Economic Affairs of Switzerland for the South Caucasus (SECO), Matthias Feldmann said at the opening of a training center for capital market participants in Baku.
"We also cooperate with the World Bank and Azerbaijan's state structures on a permanent basis under the project for the modernization of the capital market. Switzerland has sufficient experience in this sphere and this project is an important part of our support to the development of the country's finance sector," Feldmann said.
The reformation of the financial sector plays an important role in ensuring the economic development, according to Feldmann.
"Conduction of these reforms is not an easy process and requires time. In this regard, the opening of a training center is going in a right way in implementation of reforms in the capital market," Matthias Feldmann added.
(1 CHF= $1.1388)