WB to discuss Azerbaijan’s private and financial sector development prospects

Business Materials 4 February 2015 16:55 (UTC +04:00)

Baku, Azerbaijan, Feb. 4

By Azad Hasanli - Trend:

The World Bank will send a review mission to Baku next week to discuss the prospects of developing the private and financial sectors in Azerbaijan, WB representative office in Azerbaijan told Trend Feb. 3.

"The visit of the mission headed by the head of the WB private and financial development sector program in the South Caucasus Angela Prigozhina will last from February 7-14," the representative office said.

During the visit, the mission will review the course of implementing the capital market modernization project.

The bank's representatives are expected to hold meetings in the Central Bank and the State Securities Committee.

The capital market modernization project has been implemented since 2011. WB provided Azerbaijan with a loan worth $ 12 million given a total project cost of $ 15.8 million to implement the project. The project completion is scheduled for the end of 2015.

WB together with the International Monetary Fund (IMF) intend to hold the second assessment of the Azerbaijani financial sector in March. It will be completed in early June 2015, WB told Trend earlier.

The first assessment was carried out in 2003. Following this assessment, the laws on "Banks", "National Bank", numerous regulations were adopted. All financial transactions will be covered during the second assessment in the country.

Azerbaijan has been a WB member since 1992. The amount of loan agreements signed between Azerbaijan and WB exceed $4 billion.

Edited by CN