Switzerland disbursed $70m in grants to Azerbaijan so far
Switzerland's government has allocated grants totalling $70 million to Azerbaijan so far, Swiss Ambassador Sabine Ulmann Shaban said Thursday.
"Azerbaijan is a priority country for Switzerland," the ambassador said at the signing of the technical assistance project on improving the Azerbaijani capital market. "Switzerland has contributed to the development of Azerbaijan's non-oil sector, support for macroeconomic stability and the development of villages."
Sabine Ulmann Shaban said Switzerland and Azerbaijan will continue cooperating in the future under a new strategy. According to her, the capital market modernization project is a logical continuation of Switzerland's support for the Azerbaijani financial market and is designed to play a certain role in developing the non-oil sector of the economy.
The ambassador expressed hope for a rapid adoption of the new law on securities, as well as confidence in further development of her country's cooperation with Azerbaijan.
The Swiss government is investing in the Azerbaijani economy through the Swiss State Secretariat for Economic Affairs (SECO) and the Swiss Agency for Development and Cooperation (SDC).
Around $4-6 million are annually allocated to finance projects through SECO and up to $2 million through SDC.
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