Technical assistance to SCC may continue within program First multi donor

Business Materials 14 June 2006 20:38 (UTC +04:00)

International financial institutions are going to continue providing assistance to the State Committee on Currencies of Azerbaijan (SCC) within the program of First multi donor, Gunduz Mammadov, the chairman of SCC, informed Trend.

According to Mammadov, the first stage of the program will be completed in autumn and it was intended to support the creation of non-banking corporative debentures. For this purpose, a $450 thousand grant agreement was signed between SCC and British Emerging

Market Economics Limited. The project is also sponsored by the World Bank, International Currency Fund and Canadian Development Agency.

The project is intended for 12 months and the consultation for the project is provided by British Denemholl and SRA.

According to Mammadov, as a continuation of the project, it is expected to receive assistance for the working out the legislation regulating the activity of investment funds, and participation of the pension funds in the currencies market in the future. The law On non-governmental pension funds is expected to be adopted in 2007. Within the First multi donor program, we asked for technical assistance in this direction, told Mammadov.