The World Bank (WB) is prepared to continue its support to the development of financial sector in Azerbaijan, Trend reports. WB leading economist on South Caucasus countries, Christian Peterson, said that so far two projects have been implemented in Azerbaijan at the WB financial assistance. These are Financial Sector Technical Assistance and Development of Market Services, which promoted the improvement of national payment system (small and big payments), post system with respect to carry out payment system through its divisions outside the capital, legislative basis in the banking sector and assistance in the improvement of the banking control.
Mr. Peterson noted that next directions of assistance should be the regulation of insurance market in line with the international standards and improvement of the financial accountability. Amount of market capital amid general economic development is very little and assistance should be directed at this sector, Mr. Peterson said.
WB Partnership Strategy with Azerbaijan Government for 2007-2010 assigns $10mln for the project on upgrade of financial system in Azerbaijan.
The WB has allocated $5.4mln for project on financial sector technical assistance and $12mln development of market services.