The National Bank of Azerbaijan (NBA) held a meeting with the World Bank (WB) mission, led by Sonya Breinovich-Bratanovich, the Project Manager for Development of Financial Services. The NBA informed Trend that WB experts got familiar with the implementation of projects on Financial Sector Technical Assistance (FSTA) and the Development of Financial Services. They also discussed identification of the project on upgrade on financial sector.
The experts held an initial identification of the project on Upgrade of Azerbaijani Financial System. A concept of the project specifies the WB's readiness to support the project with financial and technical assistance. Within the framework of the project it is planned to support the development of the banking sector (the development of the banking infrastructure) and financial sector of country's economy, capital market, in particular, the securities market.
The budget of the project will be defined after its estimation. In accordance with the initial data, it will come as the last credit allotted under terms of the International Association for Development (IAD), which is allocated for supporting the financial sector of the country. It is planned to direct the rest funds of unused capital of the IAD within the framework of limitation confirmed for 2007 Fiscal Year (from July 2006 to 30 June 2007). The budget of the project will be established after completion of the remnants loan.
The WB allocated a $5.4mln for the Financial Sector Technical Assistance (FSTA) and $12mln for the Development of Financial Services.