Switzerland ready to step up technical assistance to Azerbaijan (UPDATE)
Details added (first version posted at 14:16)
Baku, Azerbaijan, Nov. 4
By Azad Hasanli – Trend:
Switzerland’s State Secretariat for Economic Affairs (SECO) is ready to start implementing new projects of technical assistance in order to help Azerbaijan solve the most difficult issues, SECO Deputy Regional Director for South Caucasus Simone Haeberli said.
She made the remarks Nov. 4 in Baku at an event dedicated to the Capital Markets Modernization Project, jointly implemented with the World Bank (WB).
Haeberli said Azerbaijan and Switzerland have been cooperating effectively for already 25 years, including the cooperation within the SECO, which covers the microeconomic policy and ensuring financial stability.
Earlier, Azerbaijan's Financial Markets Supervision Chamber invited the SECO to take part in preparation of a medium-term financial sector strategy and its analysis.
Modern and transparent capital markets are now more important for Azerbaijan than at the time when the SECO started implementation of the project [in 2011], Haeberli said, adding it is clear that the work is far from over, but this project has laid a great foundation for development of the capital markets.
The SECO allocated $1.6 million for implementation of the Capital Markets Modernization Project in Azerbaijan.
The total project cost is $15.8 million. 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.
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.