World Bank to Review Projects in Financial Sectors of Azerbaijan

Business Materials 5 February 2007 14:55 (UTC +04:00)

A World Bank mission led by Financial Projects Manager, Sonia Brayovich-Bratanovich, will visit Baku on February 5th. Gregory T. Jedrzejczak, the new WB Country Manager for Azerbaijan, informed Trend that the visit will target reviews of the projects implemented in financial sectors of Azerbaijan.

These are Financial Sector Technical Assistance and Development of Market Services, which promoted the improvement of the national payment system (small and big payments), postal systems with respect to carrying out payment systems through its divisions outside the capital, legislative basis in the banking sector and assistance in the improvement of banking control.

WB granted $5.4 m. for the first project on technical aid to Azerbaijan's financial sector and $12mln for the development of financial services.

Mr. T. Jedrzejczak said that to develop a new project to upgrade the financial systems of Azerbaijan it is necessary to define its structure and beneficiary on the part of Azerbaijan Government. The WB has defined its priorities in the direction of assistance, which will be aimed at the regulation of the insurance market and adjustment to international standards, improvement of financial accountability, support of the development of the banking (the banking infrastructure development) and financial sector of the country, as well as its capital market and securities in particular is envisaged under the project.

The WB Partnership Strategy with theAzerbaijani Government for 2007-2010 assigns $10mln for the project on the upgrade of financial systems in Azerbaijan. The credit will be adopted at the CE Board of Directors in the 2008 Fiscal Year. The loan will be provided at privileged terms of the International Association for Development.