Azerbaijan, Switzerland sign agreement on capital market modernization

Azerbaijan, Switzerland sign agreement on capital market modernization
# 13 September 2012 10:37 (UTC +04:00)
The main goal of the agreement – to realize relevant assistance on two components.
Chairman of the Azerbaijani State Committee for Securities Rufat Aslanli said that recently the country achieved several successes in the economy and this project would develop the successes more.
He noted that the capital market modernization project will ensure the necessary technical and organizational support for the implementation of the state program of development of the securities market in 2011-2020.
In turn, Swiss ambassador to Azerbaijan Sabine Ulmann Shaban gave information about development history of Swiss-Azerbaijani cooperation, the projects implemented by the Swiss government. She said Capital Markets Modernization Project would contribute ti development of securities market in Azerbaijan.
Note that, the Swiss State Secretariat for Economic Affairs (SECO) has approved an allocation of technical assistance worth $1.6 million within the agreement. The World Bank (WB) has provided Azerbaijan with a loan of $12 million towards the project. It will be funded through the loans of the International Bank for Reconstruction and Development (IBRD is part of the WB Group).
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THE OPERATION IS BEING PERFORMED