Central Bank Initially Identified a New Project on Modernizing Azerbaijan Financial System for WB Mission
The National Bank of Azerbaijan has commenced meetings with Sonya Brayovich-Р'ratanovich, Curator of the World Bank Projects in Azerbaijan Finance and Private Sector, who visited Baku since November, 13. Status of implementation of the current WB projects on developing financial services and technical aid to the financial sector of the country for the past half of year were discussed with the guest, a source in the Central bank told Trend. Mrs. Brayovich-Bratanovich admitted that the implementation of the projects were successful.
An initial identification of the project Modernization of Azerbaijan Financial System was carried out. During the meeting, proposals on the project were considered. The conception of the project lies in WB maintaining project both financially and technically. Within the project, it is considered to provide support on the development of the banking and financial sector of the Country, as well as the capital market, and its securities market in particular.
The value of the project will be determined as soon as the project is appraised. According to the preliminary information, that will be likely to be the last credit on the conditions of the International Development Association (IDA), which is considered for the support of the financial sector of the country. Remainders of the funds granted by the IDA, which have not been used within the Bank's limit approved for Financial Year 2007 (July, 2006 June 30, 2007), are expected to be sent to the above-mentioned project. Therefore, the budget of the project will be fixed as soon as the rest of the credit resources are completed.
WB has granted a credit at $5,4 mln to the Financial Sector Technical Aid Project.