Azerbaijan signs capital market modernization deal with Switzerland
An agreement covering the Swiss government's technical assistance for a project on modernization of the Azerbaijani capital market was signed in Baku on Thursday.
The agreement was signed by chairman of the Azerbaijani State Committee for Securities Rufat Aslanli and Swiss ambassador to Azerbaijan Sabine Ulmann Shaban on behalf of the government of the Swiss Confederation.
The Swiss State Secretariat for Economic Affairs (SECO) has approved allocation of technical assistance worth $1.6 million under the agreement.
The technical assistance will be rendered on two components of the project: renewing and strengthening the legal and regulatory framework and developing new financial tools of promoting supply on the market.
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.
The World Bank has provided Azerbaijan with a $12 million loan under 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.
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