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Donors discuss development of capital market in Azerbaijan

27 May 2009 15:18 (UTC +04:00)

Baku. Nijat Mustafayev - APA-Economics. In conjunction with the U. S. Agency for International Development (USAID), Azerbaijanâ€™s State Committee for Securities has held an advisory meeting of donors on the topic of â€œthe Development of Capital Market in Azerbaijanâ€.

Rufat Aslanly, Chairman of the State Committee for Securities, talked about economies worldwide suffered a total loss of $4.5 billion with the major burden on the real sector since the global financial crisis started.

He added that Azerbaijan is one of the states least affected by the crisis.

According to him, GDP grew by 4.1% and investments rose by 15.2% to AZN 1.6 billion in Azerbaijan during the first quarter.

He said Azerbaijanâ€™s financial liquidity is at an acceptable level and it is possible to achieve the development of capital market by using existing capacity and technical assistance.

Ms. Rachel Bahn, USAID Program Economist, added that USAID will contribute to the Government of Azerbaijan to address the identified problems in the capital market.

Ms. Aliya Azimova, IFC Officer in Azerbaijan, noted that Azerbaijan attaches great importance to the promotion of finance and entrepreneurship.

According to her, the development of local capital market could become one of the priorities in Azerbaijan.

Philipp Keller, Deputy Regional Director of the Swiss Cooperation Office for the South Caucasus, added that the State Secretariat for Economic Affairs (SECO) will contribute to the development of local capital market.

Koba Gvenetadze, IMF Officer for Azerbaijan, noted that the global economy is predicted to slump by 1.3% in 2009 and start to grow in 2010.

Koba Gvenetadze added that Azerbaijan must pay serious attention to the development of its capital market.

The event was attended by representatives of the European Bank for Reconstruction and Development, the World Bank, EU TACIS Programme, the German Society for Technical Cooperation (GTZ) and the Turkish International Cooperation Agency