Switzerland, Azerbaijan to sign deal on capital market modernisation
The governments of Azerbaijan and Switzerland will sign an agreement in Baku Thursday on technical assistance to a project on the modernisation of the capital market of Azerbaijan.
The signing ceremony will take place at the State Securities Committee (SSC) of Azerbaijan, the committee said on Tuesday.
Technical assistance will be provided to two components of the project: renewal and the strengthening of the legal and regulatory framework and promotion of supply.
'The capital market modernisation project will provide the necessary technical and organisational support to the implementation of the state program of development of the securities market in 2011-2020', the statement said.
The World Bank has provided Azerbaijan with a loan of $12 million for the project. It will be funded through the loans of the International Bank for Reconstruction and Development (IBRD), which is part of the WB Group.
The Swiss State Secretariat for Economic Affairs (SECO) has also approved allocation of technical assistance of $1.6 million for the two components under the project in Azerbaijan. These relate to improvement of the legal framework and the development of new financial instruments to promote supply on the market.
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