Bank Of Baku

Azerbaijan’s Post Law to be amended

Azerbaijan’s Post Law to be amended
# 20 February 2007 14:18 (UTC +04:00)
Azerbaijan Communications and Information Technologies Ministry is developing a package of proposals to amend Post Law because of the implementation of the World Bank’s Azerbaijan Financial Services Development Project aimed at development of the non-oil sector through improvements of the access of the rural population to financial services and improvements in the financial architecture, Ministry Officer Novruz Mammadov told APA. One of the components is for Azeri Post to build the financial service capacity in rural areas that are presently undeserved or not served by the banking system and to improve access to basic business infrastructure and for delivery of Government services.
The Justice, Finance Ministries and National Bank OK’d the proposals and the package will be presented to parliament after Economic Development Ministry approves.
The $17.5mln project will be complete in late 2008.
Azerbaijan has 1,540 post points, of which 1,365 are post offices and the rest are post agents. /APA/
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