The mission of the World Bank chaired by the Head of the Financial Projects, Sony Brayovich-Bratanovich, is in Baku to review the projects realized in Azerbaijan through financial support of the World Bank. The WB experts get familiarized with the implementation of the projects Technical assistance to financial sector and Development of financial services, Trend reports quoting the WB Baku Office.
In addition, the initial identification of the new project Modernization of the financial system of Azerbaijan has already been held. The conception of the project includes that the WB stands ready to support the project both from financial point of view and technical assistance. The project envisages supporting the development of the banking and financial sector of the country, market of capital, especially market of securities.
The Director General of National Bank of Azerbaijan (NBA), Rufat Aslanli, informed Trend that the NBA has presented its own visions to the WB indicating what sectors of the financial market require additional consultation services.
The cost of the project will be defined after the assessment of the project. According to the preliminary data, practically it will be the final credit on the base of the conditions of the International Development Association, intended for support of the financial sector of the country. The World Bank has allocated $5,4 mln credit for the project on technical assistance to financial sector and $12 mln for $12 mln for development of financial services.