Azerbaijan - region's leader in financial reforms, World Bank says (UPDATE)

Business Materials 17 February 2016 17:27 (UTC +04:00)

details added (first version posted at 12:16)

Baku, Azerbaijan, Feb. 17

By Anvar Mammadov - Trend:

Azerbaijan is a leading country in the region in holding major reforms for capital market development, said Angela Prigozhina, who leads the World Bank's financial and private sector work in the South Caucasus.

Prigozhina made this statement at the launching ceremony of the integrated trade, post-trade and surveillance system on the Azerbaijani securities market in Baku Feb. 17.

She said that launching of an information system prepared in a rather short period once again testifies to it.

"Azerbaijan managed to hold major reforms for the capital market development in a very short period," she said. "Much has been done, beginning from the preparation of the legal framework up to this system launch. This will give impetus to the further development of the country's capital market, its transparency and openness."

Prigozhina said that the capital market development will open the Azerbaijani financial sector for new investments, including the foreign ones.

Moreover, she said that Azerbaijani companies will also be able to enter the international capital markets.

Prigozhina said that the WB will continue supporting Azerbaijan in reforming the financial sector.

"We will continue assisting the Azerbaijani government in reforming the financial sector to make it more stable, transparent and open to foreign investors," she said. "It is important for the Azerbaijani financial sector to be integrated into the international financial system to support economic reforms in the country aimed at supporting the non-oil sector."