IFC to Appeal to Donors to Support Project on Technical Assistance to Azerbaijan in Protection of Investors’ Rights
Azerbaijan, Baku / corr Trend I.Khalilova / Aliya Azimova, a representative of the International Finance Corporation (IFC) in Azerbaijan said that IFC had developed a project on technical assistance to Azerbaijan to protect investors' rights and the development of the capital market.
"I hope to achieve internal approval for the project by the end of July and then the IFC will appeal to donors for finance,"Azimova said. The IFC plans to appeal to the State Secretariat for Economic Affairs (SECO) as SECO participates in financing IFC's other projects.
The beneficiaries of technical assistance in licensing will be the Ministry of Economic Development and the Ministry of Emergencies, whereas the Ministry of Economic Development, State Securities Committee and the National Bank of Azerbaijan will assist in the protection of investors' rights. Work is this direction has commenced on the basis of the presidential decree on some measures targeting the development of entrepreneur activities, issued in April. Joint work is being carried out with the Ministry of Economic Development and the Ministry of Emergency Situations to implement this decree in construction and the creation of a 'window' for business registration.
The project will be sanctioned by the end of 2007 depending on the attraction of donor resources.