A mission of the World Bank (WB) headed by Sonya Braovich-Bratanovich, Chief of WB Financial Projects for Azerbaijan, is expected to pay a visit to Baku in the beginning of November, to hold consultations on preparation of the second project aimed on modernizing the financial system of the country. According to a source at the National Bank of Azerbaijan (NBA), NBA has already prepared its proposals to the project and is expected to agree on all of the internal aspects of these proposals and submit them to WB mission.
The concept of the project is readiness of WB to support the project both financially and technically. Support of development of the banking (the banking infrastructure development) and financial sector of the country, as well as its capital market, its securities in particular is envisaged within the project.
The cost of the project will be determined as soon as the project is appraised. According to the preliminary data, it is most likely to be the last credit on the conditions of the International Development Association (IDA) that is aimed at the country's financial sector. Financial year 2007 has been approved (July, 2006 June 30, 2007), the rest of IDA's non-used funds are expected to be sent to the above-mentioned projects. Therefore, the budget of the project will be fixed after the remaining funds of credit resources are calculated.
WB granted $5.4 m. on the first project on technical aid to Azerbaijan`s financial sector.