The law of Azerbaijan On post communications will be made amendments and annexes. They are linked to the Development of the financial services project implemented jointly by the Government of Azerbaijan and the World Bank. Presently the Ministry of Communications and Information Technologies of Azerbaijan has, in co-operation with the National Bank, prepared proposals regarding making amendments to the active law. This is due to the realization of the State Enterprise Azerpocht Project, functioning under the Communications Ministry, which will begin providing financial-banking services, Trend reports quoting the Communications Ministry.
Presently the document has been submitted to the Cabinet of Ministers of Azerbaijan for consideration. The question is expected to be discussed in the Parliament of Azerbaijan within the first quarter of 2007, the same source said. In addition, within the project, Azerpocht will sign an agreement with the Consultation Company ING Group in the second half of January to carry out works on the preparation of the future plan of measures on the project.
After the implementation of the project, Azerpocht will receive a status and will be included in the national payment system to render financial and banking services. The Enterprise considers that the services will begin to be provided in the capital in 2007 and in other regions in the future. The project is realized within the framework of the State Program on Development of Communications and Information Technologies in Azerbaijan in 2005-2008. The cost of the project is estimated at $17.5 mln, with $12.25 mln at the expense of the WB and remaining part by the Government of Azerbaijan.