Azernews.Az

Switzerland attaches great importance to cooperation with Azerbaijan, SECO Deputy Regional Director for the South Caucasus Mathias Feldman has said at the opening of the seminar on Legal Reform on Secured Transactions: The Next Steps.

"We intend to continue to cooperate with Azerbaijan, as well as to contribute to the sustainable economic development of the country," Feldman said.

He noted that certain results in the framework of cooperation have already been achieved, but they can be even greater.

"As the international experience shows, systems, providing information about loans (borrowers) have a positive effect on the economic development of countries and can prevent certain risks," Feldman said.

The Swiss government has allocated grants totaling approximately $ 70 million for Azerbaijan.

Switzerland invests in Azerbaijan's economy through SECO and the Swiss Agency for Development and Cooperation (SDC).

About $4-6 million is allocated annually to finance projects under SECO, and up to $2 million in the frame of SDC.

The Swiss Cooperation Office for the South Caucasus acting in Azerbaijan represents two organizations - Swiss Agency for Development and Cooperation - SDC, which, in turn, is part of the Swiss Foreign Ministry and the State Secretariat for Economic Affairs SECO is part of the Ministry of Economic Affairs of Switzerland.

The office was opened in Azerbaijan in 2002 to assist the country in economic reforms. This assistance focuses on infrastructure projects, projects to support financial sector development, promoting private sector development, supporting the Azerbaijani government in conducting macroeconomic policy.