WB project boosts Azerbaijani capital markets’ potential (UPDATE)
(Details added, first version posted on 12:50)
Baku, Azerbaijan, Nov. 4
By Azad Hasanli – Trend:
The Capital Markets Modernization Project, implemented jointly by Azerbaijan and the World Bank (WB), has significantly contributed to enhancement of Azerbaijani capital markets’ potential, Rufat Aslanli, chairman of the Board of Directors of the Financial Markets Supervisory Chamber, said.
He made the remarks in Baku Nov. 4 at an event dedicated to the Capital Markets Modernization Project’s implementation.
However, Aslanli said, the Chamber reckons that there is a need for supplementary measures for development of the capital markets.
The objective of the Capital Markets Modernization Project for Azerbaijan is to increase the use of equity and corporate debt as financing and/or investment instruments through the adoption of an effective capital markets regulatory framework and infrastructure.
The total project cost is $15.8 million. Switzerland’s State Secretariat for Economic Affairs allocated $1.6 million for implementation of the project in Azerbaijan. In March 2011, the WB allocated a loan of $12 million to Azerbaijan for this project. Also, some $2.2 million were allocated by the Azerbaijani government.