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SECO to allocate $3.5 million to Azerbaijan

03 September 2011 09:03 (UTC +04:00)

Baku. Nijat Mustafayev â€“ APA-Economics. State Secretariat for Economic Affairs of Switzerland (SECO) will allocate $3.5 million to Azerbaijan.

These resources will be spent for implementation of three projects in Azerbaijan, SECO Office in Baku told APA-Economics. These projects will be carried for technical support of Azerpocht Company, modernization of capital market and protection of the rights of financial services consumers. All of the projects will be realized jointly with the Ministry of Finance, Central Bank and State Securities Committee of Azerbaijan. â€œ$600 000 will be spent for implementation of the first project, $1.6 million and $1.3 million to the two others. SECO administration has already confirmed all of three projectsâ€.

SECO Office in Baku said the projects would be carried out within five years jointly with the World Bank.

SECO has been working with Azerbaijan since 2001 and it allocated more than $40 million for the development of different spheres in the country. Every year Switzerland allocates $6 million of grants to Azerbaijan for the development of various fields, including corporative management, leasing, preliminary mortgage, state securities market, rights of intellectual properties and water supply.